Analysis of Large Gain for Acquirers in Mergers and Acquisitions
碩士 === 國立臺灣大學 === 財務金融學研究所 === 107 === This paper mainly focuses on M&A deals that bring large gains to the acquirer shareholders, selecting completed deals which both acquirers and targets listed in the U.S. from 2010 to 2017 and using logistic regression to study the characteristics of these d...
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| Format: | Others |
| Language: | zh-TW |
| Published: |
2019
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| Online Access: | http://ndltd.ncl.edu.tw/handle/nhj8y4 |
| Summary: | 碩士 === 國立臺灣大學 === 財務金融學研究所 === 107 === This paper mainly focuses on M&A deals that bring large gains to the acquirer shareholders, selecting completed deals which both acquirers and targets listed in the U.S. from 2010 to 2017 and using logistic regression to study the characteristics of these deals. Empirical results indicate that M&A deals generating large gains for the acquirer shareholders are usually bolt-on acquisitions. Target companies in large gain M&A deals are smaller compared with the acquirer’s size and there seems to be a supply-demand dependence between the acquirers and targets. The acquirer is more likely to be a highly valued company and is more likely to use cash payment. In addition, evidence in this paper also shows that the deals of acquiring public companies overall create values after 2009. These findings provide important references for the viewpoint that acquirers are profitable and the factors associated with considerable value creation for acquirer shareholders in M&A deals.
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