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Contribution Details
| Type | Master's Thesis |
| Scope | Discipline-based scholarship |
| Title | The Effect of Diversifying M&A Transactions in Specialised Industries |
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| Institution | University of Zurich |
| Faculty | Faculty of Economics, Business Administration and Information Technology |
| Number of Pages | 51 |
| Date | 2015 |
| Abstract Text | This study analysis abnormal returns of 1’302 M&A announcments of Finnish, Danish, Dutch, Swedish and Swiss acquirers between 2005 and 2013 to shed light on the relation of industry specialization and the effect of diversification. Defining industries and diversification at the two-digit SIC code level, I find significant evidence for a diversification discount for acquirers operating in highly specialized industries, compared to acquirers operating in low specialized industries. A special focus is set on Switzerland, as the most competitive country in the world. Data provides evidence that returns to Swiss acquirers are different compared to acquirers of the peer group. |
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