Birleşme ve Devralma Duyurularının Alıcı Firma Hisse Performansına Kısa ve Uzun Dönemli Etkileri

Bu çalışmada, birleşme ve devralma işlemlerine yönelik duyuruların alıcı firma hisseleri üzerindeki kısa ve uzun vadeli etkileri analiz edilmiş, kısa vadeli etki analizinde olay etüdü yaklaşımı; uzun vadeli etki analizinde ise, takvim zamanlı portföy yaklaşımı uygulanmıştır. Analiz sonuçları, kısa vadede, özellikle duyuru öncesinde ve duyuru gününde önemli oranda anormal getiri elde edilebildiğini; ancak daha sonraki günlerde sadece kümülatif etkinin söz konusu olduğunu; uzun vadede ise, birleşme ve devralma duyurularının hisse değerine etki etmediğini göstermektedir. Firma büyüklüğü kısa vadede anormal getiriler üzerinde belirleyici etkiye sahip iken, bu etki uzun vadeye sirayet etmemektedir.

Short and Long-Run Effects of Mergers and Acquisitions Announcements on Acquirer Firms’ Stock Perfomance

This study centers on the short and long-term impacts of merger and acquisition announcements on acquirer firm shares. We employ event study and calendar-time portfolio approach for the short and the long-term analyses, respectively. Our findings reveal that, in the short-term, abnormal returns are possible particularly before and exactly at the announcement date, whereas only cumulative abnormal returns survive in following days. In the long-term, however, announcements do not possess a significant impact on firm value. Firm size matters for the short-term abnormal returns, but does not appear to be a significant factor in the long-term.

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