Market Response To The Announcement Of Mergers And Acquisitions
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Market Response to the Announcement of Mergers and Acquisitions
Author | : Neelam Rani |
Publisher | : |
Total Pages | : |
Release | : 2013 |
Genre | : |
ISBN | : |
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The present article examines the short-run abnormal returns to India based mergers and acquisitions during 2003-2008 by using event study methodology. The present work is based on a sample of 623 mergers and acquisitions. We find that acquisitions by Indian companies significantly create short-term wealth on the announcement day to the shareholders of acquiring companies. Cumulative average abnormal return (CAAR) for Indian companies' merger and acquisition activities is 2 per cent (significant at 1 per cent) over event window of 11 days (-5, 5). It seems the market perceives the merger and acquisition activities by Indian companies as efficiency enhancing. However, the results indicate presence of high event-induced variance in abnormal return. The present study reports a high event-induced variance in the abnormal return due to the announcement of mergers and acquisition in Indian context.
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