TY - THES TI - Korporátní akvizice a očekávané akciové výnosy: Meta-analýza TT - Corporate Acquisitions and Expected Stock Returns: A Meta-Analysis AU - Parreau, Thibault AB - This thesis aims at investigating the puzzling relationship between cor- porate acquisitions and expected stock returns by reviewing numerous studies on this topic through the use of state of the art meta-analysis tools. Such an analysis is required because many papers examined this relationship but their results varied. We therefore collected 421 estimates from 20 papers and led multiple regressions to test for the presence of publication bias. Throughout this analysis we indeed found evidence supporting the existence of publication bias. Furthermore, we decided to apply Bayesian Model Averaging to reduce the model uncertainty and find out why our abnormal returns estimates greatly vary across stud- ies. Our results suggest that one of the most important drivers are the standard-error terms. This subsequently proves that publication bias is the most responsible for the heterogeneity amongst our estimates. Our analysis fails to demonstrate any positive effects from M&A activity on a firm post-acquisition performance. We suggest that other motives are under-represented in the underlying theory that aims to assess M&A outcomes. Keywords Mergers and Acquisitions, Stock Returns, Abnormal Re- turns, Meta-Analysis, Publication bias Author's e-mail thibault.parreau@gmail.com Supervisor's e-mail... UR - http://hdl.handle.net/20.500.11956/107681 UR - http://www.nusl.cz/ntk/nusl-397996 A2 - Kukačka, Jiří A2 - Havránek, Tomáš LA - eng KW - Corporate acquisitions KW - abnormal returns KW - M&A KW - expected stock returns PY - 2019 PB - Univerzita Karlova, Ovocný trh 5, 116 36 Praha 1, http://cuni.cz/ ER -