FINANCIAL MARKET REACTIONS TO INTERNATIONAL MERGERS & ACQUISITIONS IN THE BREWING INDUSTRY: AN EVENT STUDY ANALYSIS

Cross-border acquisitions have been the growing trend in recent years in the world brewing industry, giving brewers the opportunity to enhance their degree of internationalization and market share remarkably. This study employs event study analysis to examine 31 mergers and acquisitions among leading European brewing groups. Differences regarding financial market reactions can be determined within the European peer group. Managerial implications as well as future research propositions conclude this paper.