The Cases and Consequences of Failed Mergers and Acquisitions
Název práce: | Causes and Consequences of Failed Mergers and Acquisitions: A Comparative Study |
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Autor(ka) práce: | Sriram, Ronika |
Typ práce: | Diploma thesis |
Vedoucí práce: | Fičura, Milan |
Oponenti práce: | Janda, Karel |
Jazyk práce: | English |
Abstrakt: | Although finance has been extensively examined, the ramifications of unsuccessful mergers and acquisitions (M&As) are still insufficiently investigated. This study examines two specific categories of merger failures: (i) transaction cancellations and (ii) post-merger demergers, together with their consequences for corporations, investors, and markets. The study employs an event study methodology and the Capital Asset Pricing Model (CAPM) to analyze aberrant returns surrounding significant dates. The analysis encompasses listed and delisted enterprises with accessible historical price data; companies that became private, discontinued operations, or were never separately traded were removed owing to a lack of data. Research indicates persistent negative anomalous returns associated with unsuccessful M&A events, underscoring their strategic and financial repercussions. This study contributes to the literature by comprehensively examining market reactions to M&A failures. |
Klíčová slova: | Failed mergers and acquisitions; Abnormal Returns; CAPM ; Invester Sentiment ; Event Study; Stock Price Analysis |
Název práce: | The Cases and Consequences of Failed Mergers and Acquisitions |
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Autor(ka) práce: | Sriram, Ronika |
Typ práce: | Diplomová práce |
Vedoucí práce: | Fičura, Milan |
Oponenti práce: | Janda, Karel |
Jazyk práce: | English |
Abstrakt: | Although finance has been extensively examined, the ramifications of unsuccessful mergers and acquisitions (M&As) are still insufficiently investigated. This study examines two specific categories of merger failures: (i) transaction cancellations and (ii) post-merger demergers, together with their consequences for corporations, investors, and markets. The study employs an event study methodology and the Capital Asset Pricing Model (CAPM) to analyze aberrant returns surrounding significant dates. The analysis encompasses listed and delisted enterprises with accessible historical price data; companies that became private, discontinued operations, or were never separately traded were removed owing to a lack of data. Research indicates persistent negative anomalous returns associated with unsuccessful M&A events, underscoring their strategic and financial repercussions. This study contributes to the literature by comprehensively examining market reactions to M&A failures. |
Klíčová slova: | Failed mergers and acquisitions; Investor sentiment; Event Study; Stock Price Analysis ; CAPM ; Abnormal returns |
Informace o studiu
Studijní program / obor: | Finance and Accounting |
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Typ studijního programu: | Magisterský studijní program |
Přidělovaná hodnost: | Ing. |
Instituce přidělující hodnost: | Vysoká škola ekonomická v Praze |
Fakulta: | Fakulta financí a účetnictví |
Katedra: | Katedra bankovnictví a pojišťovnictví |
Informace o odevzdání a obhajobě
Datum zadání práce: | 11. 10. 2024 |
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Datum podání práce: | 10. 5. 2025 |
Datum obhajoby: | 11. 6. 2025 |
Identifikátor v systému InSIS: | https://insis.vse.cz/zp/89909/podrobnosti |