أثر الاندماج علة أداء عوائد أسهم الشركات الدامجة المدرجة في بورصة عمان للفترة الزمنية 2001-2018

الملخص EN

This study aimed at investigating the impact of merger on the stock returns of the merging firms listed on the Amman Stock Exchange (ASE) employing event study methodology.

this study uses daily and monthly closing prices of the weighted and un weighted market indexes, as well as stock prices of the merger firms over the period 2001-2018.

the results of the study find that there is a short-term positive market-adjusted abnormal return one day before the announcement date.

therefore, there is an opportunity for investors to earn abnormal returns based on buy and hold strategy.

the present study shows long-term negative abnormal returns but they are statistically insignificant.

this study suggests buying the stocks of merger companies on three days before the event and selling these stocks one day before the announcement date to achieve abnormal profits.