Do M&As create value for US financial firms post the 2008 crisis?

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dc.contributor.advisor Muenkel, Florian
dc.coverage.spatial United States
dc.creator Almutair, Mohammed
dc.date.accessioned 2016-01-15T15:14:52Z
dc.date.available 2016-01-15T15:14:52Z
dc.date.issued 2015
dc.identifier.uri http://library2.smu.ca/xmlui/handle/01/26448
dc.description 1 online resource (36 p.) : col. ill.
dc.description Includes abstract.
dc.description Includes bibliographical references (p. 35-36).
dc.description.abstract This study is conducted to examine the impact of M&As post 2008 crisis on firm value. Specifically, we highlight the impact of M&As on the acquirer and target of the US financial firms in addition to their combined effect. My research attempts to answer the following questions: Do M&As after the 2008 crisis create positive value for US financial firms? Has the impact changed in comparison with M&As evidence prior to the 2008 crisis? To answer such questions, I employed an event study methodology to examine the average abnormal return (AAR) and average accumulative abnormal return (ACAR). I included two datasets: an event dataset that contains financial firms’ M&As announcements from 2010 to 2014, and the CRSP dataset that contains daily stock return along with market index return (S&P 500). The results show that M&As create positive value for US financial firms, and the results are statistically significant at the 1% level for target firms, acquirer firms and both combined. The results also show that the post-crisis value impact of M&As on US financial firms is higher than the average impact of M&A across all industries prior to the crisis. en_CA
dc.language.iso en en_CA
dc.publisher Halifax, N.S. : Saint Mary's University
dc.title Do M&As create value for US financial firms post the 2008 crisis? en_CA
dc.type Text en_CA
thesis.degree.name Master of Finance
thesis.degree.level Masters
thesis.degree.discipline Finance, Information Systems, & Management Science
thesis.degree.grantor Saint Mary's University (Halifax, N.S.)


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