Show simple item record

dc.contributor.advisorErel, Isil
dc.contributor.advisorBailey, Roger
dc.creatorCummings, Abby
dc.date.accessioned2019-05-02T20:54:33Z
dc.date.available2019-05-02T20:54:33Z
dc.date.issued2019-05
dc.identifier.urihttp://hdl.handle.net/1811/87636
dc.description2019 Denman Undergraduate Research Forum Winner - First Place in Analyzing Impacts and Solutions to Capital Flowen_US
dc.description.abstractPrevious research found that both Indian acquirer and target firms earned abnormal positive stock returns around the announcement of an acquisition. This work will explore up-to-date changes in shareholder value creation around acquisition announcement, as measured by cumulative abnormal stock returns, for acquirers of Indian firms over time. Subgroups within the data sample will also be compared. A sample of fifty-five acquisitions of Indian target firms purchased by public acquirers with announcement dates ranging from 2000 to 2018 was analyzed using event study methodology. For each acquirer in the sample, daily abnormal stock returns were aggregated to produce cumulative abnormal stock return (CAR) values over fourteen-day (ten days prior to three days post announcement date) and three-day (one day prior to one day post announcement date) event periods. Average fourteen-day and three-day CAR values were negative for the full sample, and averages were significantly different over time and between subgroups. Regression analysis was then used to examine changes in CAR values over time in more depth for the full sample and six subgroups of acquirers: domestic, cross-border, acquirers of private Indian firms, acquirers of public Indian firms, small, and large. Results showed that abnormal stock returns around acquisition announcement date are trending toward zero for acquirers of Indian target firms, which is more consistent with results expected in developed markets. Additionally, return trends vary greatly between different groups of acquirers, with average pre-2008 CAR values serving as a predictor of trends over time.en_US
dc.language.isoen_USen_US
dc.publisherThe Ohio State Universityen_US
dc.relation.ispartofseriesThe Ohio State University. Department of Finance Honors Theses; 2019en_US
dc.subjectFinanceen_US
dc.subjectmergers and acquisitionsen_US
dc.subjectIndiaen_US
dc.subjectacquirer returnsen_US
dc.titleTrends in Acquirer Returns in Acquisitions of Indian Target Firmsen_US
dc.typeThesisen_US
dc.description.embargoNo embargoen_US
dc.description.academicmajorAcademic Major: Financeen_US


Files in this item

Thumbnail

Items in Knowledge Bank are protected by copyright, with all rights reserved, unless otherwise indicated.

This item appears in the following Collection(s)

Show simple item record