期刊名称：Academy of Accounting and Financial Studies Journal
印刷版ISSN：1096-3685
出版年度：2018
卷号：22
期号：6
页码：1-15
语种：English
出版社：The DreamCatchers Group, LLC
摘要：This study examines the short-and-long run share performance of acquirer companies listed on the Saudi Arabia Stock Exchange (Tadawul) from 1 January 2000 to 31 August 2017. Market-adjusted initial returns and buy-and-hold abnormal return methods are employed to measure the abnormal returns of acquirer companies over the short and long-run. The present study finds that: (1) investors could earn positive market adjusted abnormal returns during the few days surrounding the announcement date; (2) investors could earn positive and significant market-adjusted Buy and Hold Abnormal Return (BHAR) for shares that are held up to 36 months following the completion months of M&A events. The presence of abnormal return opportunities that may be exploited by investors during the period following the M&A announcement date and in the three-year holding period following the completion of M&A events might provide valuable insight to individual and institutional investors..
关键词：Mergers;Acquisitions;Short-and-Long Run Performance;Saudi Arabia;Buy-and- Hold Abnormal return;Market Adjusted Return
