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  • 标题:The Impact of Acquisitions Deals Announcement According to Financing Decisions on Value of Listed Acquiring Companies at Egyptian Stock Exchange
  • 本地全文:下载
  • 作者:Ahmed A.Elhakeem ; Ahmed A.Elhakeem ; Khairy Elgiziry
  • 期刊名称:Accounting and Finance Research
  • 印刷版ISSN:1927-5986
  • 电子版ISSN:1927-5994
  • 出版年度:2016
  • 卷号:5
  • 期号:4
  • DOI:10.5430/afr.v5n4p115
  • 语种:English
  • 出版社:Sciedu Press
  • 摘要:This study investigated the impact of short and long term acquisition deals announcement according to financing decisions on value of listed acquiring companies at Egyptian Stock Exchange. Short-term and long-term study methodology was applied to analyze average abnormal returns and cumulative average abnormal returns for a sample of acquiring companies held in the Egyptian stock exchange. Long-term event study methodology is applied according to annually buy-hold abnormal return method (ABHAR). Average abnormal returns and cumulative average abnormal returns were calculated to evaluate the acquirer's return for a sample of 31 acquiring companies listed and traded at Egyptian stock exchange during the period 2005-2014. The Sample is selected from 212 acquiring companies which completed the acquisition during the period. Paired T-test, Mann Whitney and ETA measurements were used to determine whether there was significant difference between the means in pre/post events. The results indicate that acquisitions did not generate cumulative average abnormal returns (CAAR) during the event window of 40 days (-20,+20) for the entire sample, but the acquisitions generated 26.67% (statistically significant) cumulative average abnormal returns during long-term event period. The Positive abnormal returns were not observed in the case of acquisitions financed with cash, stock or mix during the 40 days event window (short-term), but on long-term where the acquisitions were financed with cash and stock positive abnormal returns are generated and were not observed in the case of acquisitions financed with mix method.
  • 关键词:Acquisition;Short-term event study;Long-term event study;Acquisition financing strategy;Annually buy–hold abnormal return method
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