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| Type | Bachelor's Thesis |
| Scope | Discipline-based scholarship |
| Title | Synergies in Mergers and Acquisitions |
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| Institution | University of Zurich |
| Faculty | Faculty of Business, Economics and Informatics |
| Number of Pages | 40 |
| Date | 2019 |
| Abstract Text | This thesis examines the motives of bidders to voluntarily disclose deal-related synergy forecasts at deal announcements. The sample includes 1,425 U.S. deals, of which 381 deals are disclosing deals. Main disincentives of the disclosure decision are litigation risk and unsolicited offers. An analysis of the impact of synergy forecasts on short-term bidder cumulative abnormal stock returns around deal announcements reveals a positive impact of the synergy value, after controlling for the endogeneity of the disclosure decision. However, the analysis detects no significant impact regarding the disclosure decision itself on neither short-term nor long-term bidder cumulative abnormal stock returns. |
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