Work detail

Determinants of the Mode of Payment in Mergers & Acquisitions in the European Union

Author: Mgr. Adam Maryniok
Year: 2019 - winter
Leaders: prof. Ing. Evžen Kočenda M.A., Ph.D., DSc.
Work type: Finance, Financial Markets and Banking
Language: English
Pages: 80
Awards and prizes:
Abstract: Topic of mergers and acquisitions (M&A) is popular both in academia and financial circles and
press. A great deal of research has been focused on the value creation side of M&A deals,
nonetheless factors influencing the particular method of payment used in M&A transactions are
equally interesting. This thesis focuses on number of factors influencing the choice of medium of
exchange in M&A deals with European Union domiciled bidders. Using Bayesian model averaging
and a relatively new dataset of transactions announced between 2010 and 2018, the analysis
finds several bidder, target and deal specific characteristics to be of a provable effect on the
choice of payment. Finally, several enhancements and research questions for a further research
are identified.




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