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Contribution Details
| Type | Master's Thesis |
| Scope | Discipline-based scholarship |
| Title | M&A activity and the survival of European IPO candidates |
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| Institution | University of Zurich |
| Faculty | Faculty of Business, Economics and Informatics |
| Number of Pages | 78 |
| Date | 2017 |
| Abstract Text | This thesis uses 3,134 European IPO firms since 1991 to 2015 to determine the impact of post-IPO acquisition behavior on long-term performance, likelihood of delisting and survival profile. The findings show that serial acquirers exhibit long-run underperformance as measured by value- and equally-weighted daily abnormal portfolio returns. Becoming an acquirer in one year post-IPO, increases the likelihood of delisting, acquiring in later periods does not. Cox PH model results show the hazard of delisting is lower for frequent acquirers, with acquisition deals three and five years post-IPO. No evidence suggests high delisting rates of IPOs are a result of acquisitions. |
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