Fúze a akvizice: vytvářejí ekonomickou hodnotu?

• Main Author: Hanzlík, Viktor
• Other Authors: Dědek, Oldřich
• Format: Dissertation
• Language: English
• Published: 2007
• Online Access: http://www.nusl.cz/ntk/nusl-454925

This thesis is a contribution to the discussion about value creation in mergers and acquisitions. The first section is dedicated to theoretical explanations of why mergers and acquisitions can lead to the creation of economic value and also considers the most common fallacious merger justifications. In the second section, we outline the methodologies that can be used to measure value effects of takeovers and then survey the results of relevant past studies. We focus both on their results and the methodology. In two case studies we practically demonstrate the use of the methodologies. We shall argue that the presence of multiple events, rumours and information leaks, uncertainty and the limitations of the market model pose a serious challenge to the precision of the estimates of value creation in mergers and acquisitions. To alleviate this concern, we recommend a more carefulexamination and interpretation of the events leading to the merger.