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|Title||U.S. Firms as Targets in Medium to Large Mergers and Acquisitions since 1990: the Link between Abnormal Returns at Announcement Date and the Success of the New/Acquiring Company Following the Merger|
|Institution||University of Zurich|
|Faculty||Faculty of Business, Economics and Informatics|
|Number of Pages||56|
|Abstract Text||This Thesis examines the relationship between abnormal returns resulting from M&As and the success of the acquiring/newly formed firm using the event study methodology, descriptive analysis, and statistical analyses. The framework applies to 134 M&A transactions in the last almost three decades. The Thesis finds evidence for a relationship between abnormal returns and future success only based on descriptive analyses. However, further statistical analysis does not allow for any significant general conclusions. Therefore, a connection must not be inferred based on the analyzed data sample.|