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The Empirical Analysis Of Shareholder' Abnormal Return Affected By Payment Means Of Merger And Acquisition

Posted on:2007-06-08Degree:MasterType:Thesis
Country:ChinaCandidate:Y P HeFull Text:PDF
GTID:2189360185977970Subject:Business management
Abstract/Summary:PDF Full Text Request
The choice of payment means of merger and acquisition has been paid more and more attention by people. When one enterprise decides to merger another, it must choose a suitable payment means, because in theory different payment means will lead to different result of both sides. This paper wants to analyze the benefit of both sides'in short-term. And the samples are from the public companies'merger and acquisition in 2004. The results of demonstration analysis show: proclaim of merger and acquisition indeed includes some information, because after that both sides'abnormal return of merger and acquisition go up, but the seller get more benefit from it than the buyer; cash payment benefits the sellers more and bring the least reward to the buyers, but share payment give the buyers more abnormal return.
Keywords/Search Tags:Merger and acquisition, Payment means, Abnormal return, Empirical analysis
PDF Full Text Request
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