Is the Event Study Methodology Useful for Merger Analysis? A Comparison of Stock Market and Accounting Data

Using a sample of 167 mergers during the period 1990-2002 involving 544 firms either as merging firms or competitors, we contrast a measure of the mergerâ€™s profitability based on event studies with one based on accounting data. We find positive and significant correlations between them when using a long window around the announcement date and, for rivals, in case of anticompetitive mergers.

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Year of publication:	2006-09
Authors:	Duso, Tomaso ; Gugler, Klaus ; Yurtoglu, Burcin B.
Institutions:	Volkswirtschaftliche Fakultät, Ludwig-Maximilians-Universität München
Subject:	Mergers \| Merger Control \| Event Studies \| Ex-post Evaluation

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Extent:	application/pdf
Series:	Discussion Paper Series of SFB/TR 15 Governance and the Efficiency of Economic Systems.
Type of publication:	Book / Working Paper
Classification:	L4 - Antitrust Policy ; K21 - Antitrust Law ; G34 - Mergers; Acquisitions; Restructuring; Corporate Governance
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005739706