Driving forces behind mergers and acquisitions activity : the aggregate economic activity and the stock market

Tzonis, Leonidas (2008) Driving forces behind mergers and acquisitions activity : the aggregate economic activity and the stock market. Doctoral thesis, Northumbria University.

[img]
Preview
PDF (PhD thesis)
Tzonis.Leonidas_PhD.pdf

Download (21MB) | Preview

Abstract

Driving Forces Behind Mergers and Acquisitions Activity: The Aggregate Economic Activity and the Stock Market By Leonidas V. Tzonis The present thesis, motivated by controversies in the literature investigates a series of empirical issues relating to mergers and acquisitions activity in the UK. More specifically, it seeks answers to the following questions: do mergers come in waves, and is there a significant relationship between the aggregate mergers and acquisitions activity, the business cycle and the stock market, both at aggregate and industrial level? Are the stock market mis-valuation and the market timing ability of manager among the driving forces behind merger waves? The focal point is the UK corporate control market over the last twenty years (1985-2005). The main results emerging from the empirical analysis indicate that there exist three distinctly different types of behaviour (regimes) in the series of mergers and acquisitions numbers, both at aggregate and industrial level. Moreover, the contemporaneous relationship between the mergers and acquisitions activity in the UK with the Stock Market and the aggregate economic activity (Business Cycle), is found to be significant, at aggregate level. Finally, consistent evidence which suggests that stock market mis-valuation and the market timing ability of manager is more likely to drive the corporate control market is provided.

Item Type: Thesis (Doctoral)
Subjects: N100 Business studies
N200 Management studies
Department: Faculties > Business and Law > Newcastle Business School > Business and Management
University Services > Research and Business Services > Graduate School > Doctor of Philosophy
Related URLs:
Depositing User: EPrint Services
Date Deposited: 22 Mar 2010 13:14
Last Modified: 08 May 2017 14:39
URI: http://nrl.northumbria.ac.uk/id/eprint/3648

Actions (login required)

View Item View Item

Downloads

Downloads per month over past year

View more statistics


Policies: NRL Policies | NRL University Deposit Policy | NRL Deposit Licence