Performance of high-tech country and sector cross border M&A acitivities in Europe
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2019-08-15
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en
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Abstract
This thesis provides an analysis of the M&A performance of deals taking place in Europe initiated by Israeli, Japanese or South Korean acquirers. A sample of 654 deals and daily stock price data in the period 1 January 2002 to 1 January 2019 is used to find short-term wealth effects in an event study and a regression analysis. The event study results indicate that the cumulative average abnormal return is 0.42%, but this finding is statistically insignificant. Furthermore, I find no statistical evidence for country, sector classification and period differences in the event study. The regression analysis however, shows evidence for country, sector classification and period differences, as Israeli acquirers tend to outperform the others, high-tech acquirers underperform with respect to non-high-tech acquirers and the pre regulation period underperforms the after regulation period, during crisis period and after crisis period.
Keywords: Mergers and Acquisitions (M&A), short term performance, high-tech acquisitions, M&A regulation, corporate governance, financial crisis
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Faculteit der Managementwetenschappen