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Acquisition strategies, level of economic development and announcement returns
Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Business Studies.
2016 (English)Independent thesis Advanced level (degree of Master (One Year)), 20 HE creditsStudent thesis
Abstract [en]

This research examines the impact of acquisition strategies and the level of economic development of the target country on announcement returns of acquiring firms in the United Kingdom (UK) during the sixth (2003-2007) and upcoming takeover wave (2013-present). The different acquisition strategies concern geographic expansion (GEO), increasing market share (IMS), vertical integration (VERT), access to intangible resources (INT), concentric diversification (CDIV) and pure diversification (PDIV). Based on a sample of 877 acquisitions, evidence shows that GEO significantly creates value in the sixth wave and results in significantly lower announcement returns in the upcoming wave, possibly explained by a higher integration of capital and production markets. However, after adding the remaining acquisition strategies to the regression model, the latter effect disappears. It shows that VERT and CDIV result in significantly higher announcement returns in the upcoming wave compared to the sixth one. Evidence does not show a relation between the level of economic development of the target country and announcement returns.

Place, publisher, year, edition, pages
2016. , 50 p.
Keyword [en]
Announcement returns, acquisition strategies, level of economic development, takeover waves, UK
National Category
Economics and Business
Identifiers
URN: urn:nbn:se:uu:diva-277314OAI: oai:DiVA.org:uu-277314DiVA: diva2:904645
Educational program
Master Programme in Business and Management
Supervisors
Available from: 2016-02-29 Created: 2016-02-19 Last updated: 2016-02-29Bibliographically approved

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Acquisition strategies, level of economic development and announcement returns(1171 kB)115 downloads
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Department of Business Studies
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CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf