Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments November 15, 2013 erstellt
Beschreibung:
We investigate the impact of M&A announcements by Australian companies on the market value of their rivals. We find that only the immediate competitor is affected, recording significant negative abnormal returns. This adjustment takes three to four weeks around the announcement day with some degree of anticipation. In contrast, M&A announcements benefit the acquirers instantaneously increasing their market value. We show that larger rivals are less concerned by announcements made by smaller or glamour acquirers as their capacity to compete with the newly merged entity is not diminished and benefits from collusion are perceived as non-significant