Mergers and Acquisition

You are required to conduct an event study surrounding Merger and Acquisition (M&A) events. For a country of your choice, collect from Thomson One Banker data on M&A announcement dates. The ‘Event’ is going to be the announcement date. Your aim is to analyse the impact of these announcements on the share price of the ACQUIRING firm (NOT the target firm). You must examine 50 observations of ‘home’ takeovers, and 50 observations of ‘cross-border’ takeovers (100 observations in total).

e.g. a UK firm announcing that it is going to acquire another UK firm on a certain date is an example of a ‘home’ takeover.

A UK firm announcing that it is going to acquire a firm based anywhere outside the UK on a certain date is an example of a ‘cross-border’ takeover.

In both of the above examples, the acquiring firm is from the same country (the UK in this case).

The dataset should be as recent as possible, so announcements from 2010 onwards should be used. If you cannot collect sufficient observations from 2010 to present, then consider looking at a different country.

There are some references on Blackboard to start you off. But you must also search for and make use of other relevant journal articles. You will use these articles to discuss their findings and to formulate the hypotheses in your study.

The format of your report should be similar to a short research article (3,000 words). It should therefore have the following sections: introduction, brief literature review, data, methodology, empirical results, conclusion and reference list. Econometric models must be estimated to address the research question. The report will be judged on the following criteria: a) identifying appropriate published literature to use as a basis for the work, and including a brief critical review of this literature; b) hypothesis development/development of research question; c) collecting appropriate data to answer the chosen research question, and discussing the content and collection of the dataset in a clear and detailed manner; d) selecting appropriate quantitative methods for analyzing the data, and implementing the research design in a convincing manner; e) presenting and interpreting the results in a clear and coherent manner; f) drawing appropriate conclusions from your reading and from your empirical work, and discussion on limitations.


Files including your data and empirical analysis must be submitted electronically on a cd or memory stick attached to the hard copy of this assignment.

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