Duso, Tomaso, Gugler, Klaus, Yurtoglu, B. Burcin. 2010. Is the Event Study Methodology Useful for Merger Analysis: A Comparison of Stock Market and Accounting Data. International Review of Law and Economics 30 (2): 186-192.

RIS

@ARTICLE{Duso2010,
title = {Is the Event Study Methodology Useful for Merger Analysis: A Comparison of Stock Market and Accounting Data},
author = {Tomaso Duso and Klaus Gugler and B. Burcin Yurtoglu},
year = {2010},
volume = {30},
number = {2},
language = {EN},
pages = {186-192},
journal = {International Review of Law and Economics},
abstract = {This paper presents empirical evidence about the ability of event studies to capture mergers ex-post profitability as measured by accounting data. We use a sample of large horizontal concentrations during the period 1990-2002 involving 482 firms either as merging firms or competitors, and contrast a measure of the mergers profitability based on stock market event studies with one based on balance sheet profit data. We show that using a long window around the announcement date (25 or 50 days before the event) increases the ability to capture the ex-post merger effect: the pairwise correlation coefficient is positive and highly significant.},
}