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研究生:陳怡恩
研究生(外文):Chen, I-EN
論文名稱(外文):The Determinants of Positive Abnormal Return : Efficiency improvement?
指導教授:黃介良黃介良引用關係
指導教授(外文):Huang, Chai-Liang
口試委員:沈中華林子綾
口試委員(外文):Shen, Chung-HuaLin, Tzu-Ling
口試日期:2017-06-27
學位類別:碩士
校院名稱:國立中正大學
系所名稱:財務金融系研究所
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2017
畢業學年度:105
語文別:英文
論文頁數:66
外文關鍵詞:efficiencyM&Avalue change
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This paper use stochastic frontier analysis (SFA) to estimate the cost efficiency as the determinant of synergy to investigate the relationship between the efficiency and valuation effect of M&A. We analysis all M&A activities in America from 1980 to 2015. We find that the acquirers gain the higher stock reaction from their better prior year efficiency in M&A activities. Moreover, the shape of acquirer efficiency and change of Tobin’s Q is an inverted u-curve pattern. The post-merge value improvement in America is being led by the acquirer with appropriate efficiency level. There seems to exist an optimal efficiency level that can help to maximize the acquirer’s value after M&A transactions.
1. Introduction 1
2. Empirical Literature Evidence Review 6
2.1 Gains of Shareholders from mergers 6
2.2 Efficiency change 10
2.3 Financial and operating performance 11
2.4 Firm Characteristics 13
3. Methodology and Empirical Model 15
3.1 Data 15
3.2 Methodology 16
3.2.1 Stochastic frontier approach 16
3.2.2 Event Study 20
3.3 Definition of Variable 22
3.3.1 Dependent variable 22
3.3.2 Independent variable 23
3.3.3 Control variable 26
3.4 Empirical Model 28
4. Empirical Result 31
4.1 Summary Statistics 31
4.2 Event Study Results 37
4.3 Acquirer gain from the efficiency in short-term 39
4.4 M&A Value change in long-term 43
4.5 Robustness Test 53
5. Conclusions 56
6. Suggestion 58
Reference 59

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