Evaluation of merger premium and firm performance in Europe

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dc.contributor.authorNnadi, Matthias
dc.contributor.authorAghanya, Daniel
dc.date.accessioned2018-05-14T12:56:36Z
dc.date.available2018-05-14T12:56:36Z
dc.date.issued2015-06-30
dc.description.abstractThis paper investigates whether the deal premium affects the performance of the acquiring firms in European mergers and acquisitions (M&As) deals for the period 2000-2013. We find a significant reduction in short-term performance of the acquiring firms after the M&As, reflecting the overpayment hypothesis. Our result also indicates that the negative effect on the performance of the acquiring firms is less pronounced in the long-term. The result confirms the synergy hypothesis and the existence of quadratic relationship between high premium and performance. Our findings are robust as we control for firm and time trends. The findings of our study have implications for companies engaging in acquisitions in Europe.en_UK
dc.identifier.citationMatthias Nnadi and Daniel Aghanya. Evaluation of merger premium and firm performance in Europe. International Journal of Banking, Accounting and Finance, 2018, Volume 9, Issue 2, pp119-140en_UK
dc.identifier.issn1756-5154
dc.identifier.urihttp://dspace.lib.cranfield.ac.uk/handle/1826/13201
dc.identifier.urihttp://dx.doi.org/10.1504/IJBAAF.2018.092131
dc.language.isoenen_UK
dc.publisherWorld Academy of Science, Engineering and Technologyen_UK
dc.rightsAttribution-NonCommercial 4.0 International
dc.rights.urihttp://creativecommons.org/licenses/by-nc/4.0/
dc.subjectmergersen_UK
dc.subjectpremiumsen_UK
dc.subjectperformanceen_UK
dc.subjectacquisitionen_UK
dc.subjectEuropeen_UK
dc.subjectreturnsen_UK
dc.titleEvaluation of merger premium and firm performance in Europeen_UK
dc.typeArticleen_UK

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