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Contribution Details
| Type | Master's Thesis |
| Scope | Discipline-based scholarship |
| Title | Value Creation of Mergers and Acquisitions (M&A) in the Insurance Industry |
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| Institution | University of Zurich |
| Faculty | Faculty of Business, Economics and Informatics |
| Number of Pages | 101 |
| Date | 2018 |
| Abstract Text | This master thesis analyses the shareholder wealth effect of mergers and acquisitions in the insurance industry between 1990 and 2017 on a global scale. An event study sample of 196 deals is considered, in which both the acquiring and target company are publicly listed. The data reveals that the market values various types of insurance deals differently. Post-crisis and cross-border deals show slightly higher equity market returns than pre-crisis and domestic deals. Furthermore, consolidation, vertical integration and bancassurance deals are significantly higher valued than diversification deals. On the contrary, deals in which the target company is financially stressed show significant negative returns. The analysis shows that the returns of acquiring and target companies are also influenced by the relative size of target to acquiring company and the acquirer`s leverage ratio. |
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