Název: Korporátní akvizice a očekávané akciové výnosy: Meta-analýza
Překlad názvu: Corporate Acquisitions and Expected Stock Returns: A Meta-Analysis
Autoři: Parreau, Thibault ; Havránek, Tomáš (vedoucí práce) ; Kukačka, Jiří (oponent)
Typ dokumentu: Diplomové práce
Rok: 2019
Jazyk: eng
Abstrakt: 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...
Klíčová slova: abnormal returns; Corporate acquisitions; expected stock returns; M&A; abnormal returns; Corporate acquisitions; expected stock returns; M&A

Instituce: Fakulty UK (VŠKP) (web)
Informace o dostupnosti dokumentu: Dostupné v digitálním repozitáři UK.
Původní záznam: http://hdl.handle.net/20.500.11956/107681

Trvalý odkaz NUŠL: http://www.nusl.cz/ntk/nusl-481995


Záznam je zařazen do těchto sbírek:
Školství > Veřejné vysoké školy > Univerzita Karlova > Fakulty UK (VŠKP)
Vysokoškolské kvalifikační práce > Diplomové práce