Williams, Roxanne (2001) Short and long term performance of Canadian TSE-listed acquirers. Masters thesis, Concordia University.
Using 771 acquisitions during 1988-1998, this study empirically tests short- and long-term security price performance of Canadian TSE-listed acquirers. The cumulative abnormal return (CAR) and the buy-and-hold abnormal return (BHAR) methods were use for the short- and the long-term studies respectively. In the short-run study, using the dummy variable method, we test three event windows: (-4; 0), (-1, 0) and (0; 4) with an estimation period of 180 days. Non-significant abnormal returns were found in all cases. For the long-run analysis, different approaches for developing a benchmark portfolio are presented. We compare and empirically test two control firms approaches in the spirit of Barber and Lyon (1997) and Longhran and Vigh (1997) over a one year pre-announcement period and three year post-announcement period. The results are not robust to alternative estimation procedures.
|Divisions:||Concordia University > John Molson School of Business|
|Item Type:||Thesis (Masters)|
|Pagination:||vi, 79 leaves ; 29 cm.|
|Degree Name:||Theses (M.Sc.Admin.)|
|Program:||John Molson School of Business|
|Thesis Supervisor(s):||Betton, Sandra|
|Deposited By:||Concordia University Libraries|
|Deposited On:||27 Aug 2009 17:18|
|Last Modified:||08 Dec 2010 15:20|
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