The impact of foreign and domestic M&A on acquirer's stock prices in Central and Eastern Europe
|Autor:||Mgr. Anna Lukashova|
|Rok:||2018 - letní|
|Vedoucí:|| prof. Ing. Evžen Kočenda Ph.D., DSc.
|Typ práce:|| Diplomová
Finance, finanční trhy a bankovnictví
|Abstrakt:||The primary objective of this thesis is to investigate the value implications of the mergers and
acquisitions deals initiated by the firms from the CEE region. We examine the sample of the
203 M&A announcements made by the bidder firms from the two major economies in the
region—Poland and Russia—over the period 2006-2016. We apply the event study
methodology to investigate the effect of the M&A announcement on the wealth of the acquirers’
shareholders. The results demonstrate that on average investors of the Polish acquirers receive
positive short-term wealth effect, while the investors of the Russian firms lose in short-term
value. Our empirical findings provide partial support for the positive wealth effect when
acquirers target the strategically important asset. Our results hold after controlling for the
number of firm and transaction-specific characteristics.