JSE-listed firms and M&A’s: where is the economic value?

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dc.contributor.advisorPage, Daniel
dc.contributor.authorTaylor, Amir
dc.date.accessioned2023-09-05T08:27:30Z
dc.date.available2023-09-05T08:27:30Z
dc.date.issued2020
dc.descriptionA research report submitted partial fulfilment of the requirements for the degree of Master of Commerce to the Faculty of Commerce, Law and Management, School of Economics and Finance, at the University of the Witwatersrand, Johannesburg, 2020
dc.description.abstractThis research empirically assesses the stock price reactions to mergers and acquisitions announcements by JSE-listed target and acquirer firms. The following is assessed over the defined windows: the target and acquirer firms, the method of funding (cash or stock) for both target and acquirer firms and lastly industry mergers with target and acquirer firms grouped together and separately. Data is collected for 87 merger deals, consisting of 87 target and acquirer firms. The period assessed is from 1990 to 2019. The event study methodology and hence the market model are employed as the primary methodology, with the net-market-returnmodel employed as a robustness check. T-tests, paired t-tests and a one-way ANOVA model are employed to test for relative significance. The results in this study are unique and contribute to how the South African market views M&A announcements. Hence this will influence the contemporary understanding of the South African economy towards M&A’s.
dc.description.librarianPC(2023)
dc.facultyFaculty of Commerce, Law and Management
dc.identifier.urihttps://hdl.handle.net/10539/35865
dc.language.isoen
dc.publisherUniversity of the Witwatersrand, Johannesburg
dc.rights© 2020 University of the Witwatersrand, Johannesburg. All rights reserved. The copyright in this work vests in the University of the Witwatersrand, Johannesburg. No part of this work may be reproduced or transmitted in any form or by any means, without the prior written permission of University of the Witwatersrand, Johannesburg.
dc.rights.holderUniversity of the Witwatersrand, Johannesburg
dc.schoolSchool of Economics and Finance
dc.subjectJSE-listed target and acquirer firms
dc.subjectJSE Companies
dc.subjectUCTD
dc.subjectSouth African market views M&A
dc.subjectEconomic value
dc.subject.otherSDG-8: Decent work and economic growth
dc.titleJSE-listed firms and M&A’s: where is the economic value?
dc.typeDissertation
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