The effect of acquisition announcement on shareholder returns in the Singapore stock market

The purpose of this research is to determine whether shareholders of both the acquiring firms and the target firms benefit from takeovers. To measure the effects of takeovers on share price retums, the Event Study technique is used. The cases of takeovers are obtained from the SES Financial News...

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Main Authors: Ang, Yam Hwa, Khoo, Boo Guan, Toh, Shieh Fern
其他作者: Nanyang Business School
格式: Final Year Project
語言:English
出版: 2013
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在線閱讀:http://hdl.handle.net/10356/51515
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機構: Nanyang Technological University
語言: English
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總結:The purpose of this research is to determine whether shareholders of both the acquiring firms and the target firms benefit from takeovers. To measure the effects of takeovers on share price retums, the Event Study technique is used. The cases of takeovers are obtained from the SES Financial News and the share prices and SES All Share Indices are extracted from the NTU Financial Database. This study finds that shareholders of the target firms benefit substantially (6.96%) from takeovers. However, for shareholders of the acquiring firms, the gains enjoyed are small in percentage terms (0.88%) and less statistically significant than that for target firms.