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| Type | Master's Thesis |
| Scope | Discipline-based scholarship |
| Title | Do M&A Announcements have in the Sort-Term a Positive Effect on the Stock Price? Evidence from an Event Study conducted in the Pharmaceutical Industry |
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| Institution | University of Zurich |
| Faculty | Faculty of Business, Economics and Informatics |
| Number of Pages | 90 |
| Date | 2017 |
| Abstract Text | In recent times mergers and acquisitions (M&A) have been a central topic for businesses, financial institutions and academic research. Lately, the number and the stake of the deals have constantly increased. The pharmaceutical sector is one of the main actors boosting this growth. After having reviewed major theoretical aspects involved in M&A, this thesis focuses on the abnormal returns generated by announcements of acquisitions in the pharmaceutical sector. For investigating this matter, the event study methodology is applied on a sample composed of over 100 transactions made between 2010 and 2015. Results show significant abnormal returns in different time windows, which one can conclude that an announcement creates, on average, positive returns for the acquirer’s shareholders once the takeover is made public. |
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