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Contribution Details
| Type | Master's Thesis |
| Scope | Discipline-based scholarship |
| Title | Operating Performance in Mergers: An Analysis of Economies of Scale within Industries |
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| Institution | University of Zurich |
| Faculty | Faculty of Business, Economics and Informatics |
| Number of Pages | 50 |
| Date | 2020 |
| Abstract Text | This thesis provides empirical evidence on operating performance in U.S. domestic mergers in manufacturing industries by comparing pre-merger to post-merger cost of goods sold (COGS), as well as by computing abnormal announcement stock returns. For a sample of 153 acquisitions, no significant difference in pre- and post-merger performance is found. However, target and particularly acquiring firms seem to significantly outperform industry median firms in the pre-merger period. Whereas for the stock returns, a weighted portfolio of acquirer and target shareholders’ abnormal returns is significant, the influence of operating performance on returns is only significant for target shareholders. |
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