Stock Liquidity Effect on Mergers & Acquisitions Returns Performance
This research analyzes the effect of acquirer and target firms� stocks liquidity to acquirers� returns performance. Amihud illiquidity is used as a stock liquidity proxy, while cumulative abnormal returns (CARs) and buy- hold abnormal returns (BHAR) are used as returns performance proxy. Results...
| Main Authors: | , |
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| Format: | Thesis |
| Published: |
[Yogyakarta] : Universitas Gadjah Mada
2013
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| Subjects: |
| _version_ | 1826046437986664448 |
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| author | , Wisnu Aji Wicaksono , Dr. Ben Tims |
| author_facet | , Wisnu Aji Wicaksono , Dr. Ben Tims |
| author_sort | , Wisnu Aji Wicaksono |
| collection | UGM |
| description | This research analyzes the effect of acquirer and target firms� stocks
liquidity to acquirers� returns performance. Amihud illiquidity is used as a
stock liquidity proxy, while cumulative abnormal returns (CARs) and buy-
hold abnormal returns (BHAR) are used as returns performance proxy.
Results show that acquirer�s stock liquidity has strong and significant
negative effect in surrounding announcement date, in one-month, two-years,
and three-years post-announcement date. In other hand, target�s stock
liquidity has positive effect in surrounding announcement date and one-
month post-announcement date. In a multiple regression analysis, acquirer�s
stock liquidity effects which are controlled by firm size and firm leverage
have prediction values between 15.7% and 24.3% in short-term returns
performance and around 7% in two-years and three-years post-
announcement returns performance. |
| first_indexed | 2024-03-13T22:53:04Z |
| format | Thesis |
| id | oai:generic.eprints.org:120514 |
| institution | Universiti Gadjah Mada |
| last_indexed | 2024-03-13T22:53:04Z |
| publishDate | 2013 |
| publisher | [Yogyakarta] : Universitas Gadjah Mada |
| record_format | dspace |
| spelling | oai:generic.eprints.org:1205142016-03-04T08:44:30Z https://repository.ugm.ac.id/120514/ Stock Liquidity Effect on Mergers & Acquisitions Returns Performance , Wisnu Aji Wicaksono , Dr. Ben Tims ETD This research analyzes the effect of acquirer and target firms� stocks liquidity to acquirers� returns performance. Amihud illiquidity is used as a stock liquidity proxy, while cumulative abnormal returns (CARs) and buy- hold abnormal returns (BHAR) are used as returns performance proxy. Results show that acquirer�s stock liquidity has strong and significant negative effect in surrounding announcement date, in one-month, two-years, and three-years post-announcement date. In other hand, target�s stock liquidity has positive effect in surrounding announcement date and one- month post-announcement date. In a multiple regression analysis, acquirer�s stock liquidity effects which are controlled by firm size and firm leverage have prediction values between 15.7% and 24.3% in short-term returns performance and around 7% in two-years and three-years post- announcement returns performance. [Yogyakarta] : Universitas Gadjah Mada 2013 Thesis NonPeerReviewed , Wisnu Aji Wicaksono and , Dr. Ben Tims (2013) Stock Liquidity Effect on Mergers & Acquisitions Returns Performance. UNSPECIFIED thesis, UNSPECIFIED. http://etd.ugm.ac.id/index.php?mod=penelitian_detail&sub=PenelitianDetail&act=view&typ=html&buku_id=60545 |
| spellingShingle | ETD , Wisnu Aji Wicaksono , Dr. Ben Tims Stock Liquidity Effect on Mergers & Acquisitions Returns Performance |
| title | Stock Liquidity Effect on Mergers & Acquisitions Returns Performance |
| title_full | Stock Liquidity Effect on Mergers & Acquisitions Returns Performance |
| title_fullStr | Stock Liquidity Effect on Mergers & Acquisitions Returns Performance |
| title_full_unstemmed | Stock Liquidity Effect on Mergers & Acquisitions Returns Performance |
| title_short | Stock Liquidity Effect on Mergers & Acquisitions Returns Performance |
| title_sort | stock liquidity effect on mergers acquisitions returns performance |
| topic | ETD |
| work_keys_str_mv | AT wisnuajiwicaksono stockliquidityeffectonmergersacquisitionsreturnsperformance AT drbentims stockliquidityeffectonmergersacquisitionsreturnsperformance |