tailieunhanh - The determinants of merger withdrawals’ abnormal returns in the australian market

The determinants of merger withdrawals’ abnormal returns in the australian market. This paper examines the abnormal returns in merger withdrawals in Australia, especially distinguishing the market response between private and public targets. We also study the determinants of those abnormal returns, including the method of payment and the impact of financial crisis periods. | Journal of Economics and Development, , , December 2015, pp. 89-110 ISSN 1859 0020 The Determinants of Merger Withdrawals’ Abnormal Returns in The Australian Market Nguyen Thu Thuy Foreign Trade University, Vietnam Email: Dao Thi Thu Giang Foreign Trade University, Vietnam Email: giangdtt@ Truong Huy Hoang PricewaterhouseCoopers (PwC), Vietnam Email: hoangth267@ Abstract This paper examines the abnormal returns in merger withdrawals in Australia, especially distinguishing the market response between private and public targets. We also study the determinants of those abnormal returns, including the method of payment and the impact of financial crisis periods. Using the event study method, we document that in the Australian context, the announced withdrawal of mergers involving private targets creates significantly negative valuation effects in comparison with the valuation effects in withdrawal of mergers involving public targets. We also find that a financial crisis period strongly affects abnormal returns of merger withdrawals. However, the method of payment does not have any impact on the abnormal returns. Keywords: Abnormal return; Australian firms; M&A; withdrawals. Journal of Economics and Development 89 Vol. 17, , December 2015 1. Introduction it would be expected that the signal resulting from a withdrawn proposal would also be affected by the above attributes. A withdrawn merger proposal requires more thorough and more attentive dedication in examining what influences its variations. The phenomenon of mergers and acquisitions has developed to become a highly popular form of corporate development to create growth and diversity (Cartwright and Schoenberg, 2006). Merger and acquisition are a vital part of both healthy and weak economies and are often the primary way in which companies are able to provide returns to their investors, stakeholders, and owners (Sherman, 2010). In particular, there is .

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