Mergers & Acquisitions and Stock Returns in the US Technology, Media & Telecommunications Sector. How the Impact Has Changed Over Time

Inhaltsverzeichnis (Table of Contents)

• Introduction
• Literature Review
  • Theoretical Background
  • Empirical Findings
• Data & Methodologies
  • Data
  • Methodology
    • General Setup
    • Estimation of Expected Returns
    • Estimation of Abnormal Returns
    • Testing of Hypotheses
• Empirical Results
• Discussion and Interpretation
  • Setup
  • Acquiring Shareholders
  • Target Shareholders
• Conclusion

Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)

This study investigates the changes in the impact of mergers and acquisitions (M&A) on stock returns within the US technology, media, and telecommunications (TMT) sector over time. By employing event study methodology, the research aims to identify and quantify the abnormal returns experienced by acquiring and target firms around the announcement of M&A deals. The study analyzes data spanning multiple time periods, allowing for a comprehensive understanding of the evolving dynamics of M&A activity within this sector.

• Impact of M&A on stock returns in the US TMT sector
• Changes in M&A impact over time
• Abnormal returns of acquiring and target firms
• Event study methodology
• Factors influencing M&A performance

Zusammenfassung der Kapitel (Chapter Summaries)

• Introduction: The chapter introduces the research topic, outlining the significance of M&A in the US TMT sector and the importance of understanding its impact on stock returns. It provides a brief overview of the research question and the methodologies employed.
• Literature Review: This chapter examines existing research on M&A in the TMT sector, discussing theoretical frameworks and empirical findings related to the impact of M&A on stock returns. It explores various factors influencing M&A performance and highlights the need for further research to understand the evolving dynamics of M&A activity in this sector.
• Data & Methodologies: This chapter details the data sources and the methodological approach used in the study. It describes the data selection criteria, the event study methodology employed, and the specific methods used to estimate expected and abnormal returns.
• Empirical Results: This chapter presents the results of the empirical analysis, focusing on the abnormal returns observed for both acquiring and target firms around the announcement of M&A deals. It analyzes the results for different time periods and explores potential patterns or trends in the data.
• Discussion and Interpretation: This chapter interprets the empirical findings, drawing conclusions about the impact of M&A on stock returns in the US TMT sector and highlighting any significant changes observed over time. It explores the potential factors contributing to these findings and discusses the implications for investors, firms, and policymakers.

Schlüsselwörter (Keywords)

Mergers and Acquisitions (M&A), US Technology, Media & Telecommunications (TMT) Sector, Stock Returns, Event Study Methodology, Abnormal Returns, Acquiring Firms, Target Firms, Market Model, Time-Series Analysis, M&A Performance.