Wealth effect of firms engaging in acquisitions programmes
|dc.contributor.author||Yii, William Yong Ong||en_NZ|
|dc.identifier.citation||Yii, W. Y. O. (1999, February 26). Wealth effect of firms engaging in acquisitions programmes (Thesis). Retrieved from http://hdl.handle.net/10523/1425||en|
|dc.description.abstract||This paper examines the short-term and long-term performance of acquiring firms engaging in acquisitions programmes. In particular, the short-term performance around the announcement is studied in terms of the growth opportunities of acquiring firms (as proxied by Tobin's q ratio). The long-term performance after the announcement is studied with respect to growth opportunities, active/inactive acquirers and leverage level. Overall results show that the acquirers earn significant abnormal returns both in the short run and long run. However, long-term analyses reveal that the over-performance is not uniform across the full sample. High-q and high-levered firms earn significant abnormal returns while low-q and low-levered firms do not.||en_NZ|
|dc.title||Wealth effect of firms engaging in acquisitions programmes||en_NZ|
|thesis.degree.grantor||University of Otago||en_NZ|
|otago.school.eprints||Finance & Quantitative Analysis||en_NZ|
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