Faktory úspěšnosti fúzí a akvizic z finančního hlediska v určitém odvětví

This thesis examines factors influencing long-run abnormal stock returns following the announcement of mergers and acquisitions in the information technology sector from 2008 to 2017. It employs an event study methodology and regression analysis on a sample of 220 transactions conducted by large technology companies included in the S&P 500 Information Technology index. The thesis first provides an overview of the motives for mergers and acquisitions and factors contributing to their success, and analyzes the historical development and specifics of the IT sector. The empirical research focuses on the impact of selected factors on long-term abnormal stock returns, such as liquidity availability in the economy, method of payment, Price to Book ratio, and others. The results show that liquidity availability, relative transaction size, Price to Book ratio, and M&A activity in the industry have a statistically significant impact on long-term abnormal returns. The empirical section includes a case study of SAP SE company, which presents a practical application of the findings.