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Contribution Details
| Type | Master's Thesis |
| Scope | Discipline-based scholarship |
| Title | Returns to Swiss Bidding Firms in Cross-Border Mergers and Acquisitions |
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| Institution | University of Zurich |
| Faculty | Faculty of Business, Economics and Informatics |
| Number of Pages | 73 |
| Date | 2019 |
| Abstract Text | Mergers and acquisitions (M&A) have significantly increased over the last decades. Cross-border activity intensified in the 1990s following a rapid globalization. In Switzerland, in-ternational deals exceed purely domestic ones. In contrast to target companies which often gain considerable excess returns, the literature on the outcome of a cross-border takeover for a bidding corporate diverges. After a theoretical introduction of the main aspects con-cerning M&A, this study investigates the stock market reaction to M&A announcement by Swiss bidders involved in a cross-border deal post 2007-2008 crisis. The event study meth-odology is applied to derive abnormal returns, which are tested for statistical significance by four parametric and two nonparametric tests. |
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