Mergers and Acquisitions in the Energy Sector
The Impact of Synergy Disclosures on Shareholder Wealth and Operating Performance
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ISBN-13:
9783631645215
Veröffentl:
2013
Einband:
HC gerader Rücken kaschiert
Erscheinungsdatum:
16.08.2013
Seiten:
128
Autor:
Robert Fraunhoffer
Gewicht:
288 g
Format:
216x153x11 mm
Serie:
14, Corporate Finance and Governance
Sprache:
Englisch
Beschreibung:
The study analyzes the impact of voluntary synergy disclosures at the M&A announcement on M&A transactions in the European as well as in the US energy sector. Thereby, not only is the capital market perspective considered on both a long- and short-term horizon, but the operational point of view is also taken into account. The author shows, while utilizing the event study methodology, that capital markets attribute increased returns to those M&A transactions which expect synergy gains for both the US and European market. As the post-merger accounting study confirms the realization of these announced synergy gains, it may be inferred that capital markets do not overreact and management boards are not overconfident in realizing merger gains.
Contents: Consolidation and Synergies of the Energy Sector ¿ Synergy Communication Effects in the European Market ¿ The Interaction of Synergy Disclosures and Post-Merger Operating Performance.
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