Investigation of value creation through merger : evidence from Amman Stock Exchange
العناوين الأخرى
التحقق من خلق القيمة للشركات المدرجة في بورصة عمان للأسهم من خلال الإندماج
مقدم أطروحة جامعية
Boulanouar, Assia Yahya Bin Isa
مشرف أطروحة جامعية
الجامعة
جامعة مؤتة
الكلية
كلية إدارة الأعمال
دولة الجامعة
الأردن
الدرجة العلمية
ماجستير
تاريخ الدرجة العلمية
2011
الملخص الإنجليزي
This study aimed to investigate the value creation for corporations listed in Amman Stock Exchange (ASE) through merger from 1990 to 2010.
In order to reach the study purpose, the researcher conducted two different methods: first, an event study is carried out over five cases of merger based on short term analysis (abnormal return "AR" and cumulative abnormal return "CAR") using a daily return for an event window with [+30, -30] and long term analysis (buy and hold abnormal return "BHAR") using monthly return for three different post merger' event widow [0, +12], [0, +24] and [0, +36].
Second, an analysis of financial indicators is conducted over six cases of merger based on one, two, and three years before and after merger for the target and the merging firms. The AR, CAR and BHAR are tested using the parametric one sample t-test for their significance of difference from zero, the results showed a significant statistical difference.
Also, a parametric t-test and a nonparametric Wilcox on sign rank test for the difference between AR, CAR and financial indicators is run.
The results for both tests are consistent for the CAR with significant statistical difference pre and post merger; the financial indicators record insignificant statistical difference using both tests.
However, a contradict for the AR is obtained between both tests where a significant difference is reached using parametric t-test and insignificant one using nonparametric Wilcox on sign rank test.
Finally, the study demonstrated that a value is created for the short run ; however it is disappeared for the long run. In light of research results, the researcher recommends to take in consideration others measures to estimate value creation such as the way of financing a merger.
Furthermore, it suggests conducting study about the most successful sector in merger and the factors affecting that success in Jordan.
التخصصات الرئيسية
الموضوعات
عدد الصفحات
112
قائمة المحتويات
Table of contents.
Abstract.
Chapter One : research background.
Chapter Two : theoretical framework and previous studies.
Chapter Three : design and methodology.
Chapter Four : empirical findings, conclusion and recommendations.
References.
نمط استشهاد جمعية علماء النفس الأمريكية (APA)
Boulanouar, Assia Yahya Bin Isa. (2011). Investigation of value creation through merger : evidence from Amman Stock Exchange. (Master's theses Theses and Dissertations Master). Mutah University, Jordan
https://search.emarefa.net/detail/BIM-301949
نمط استشهاد الجمعية الأمريكية للغات الحديثة (MLA)
Boulanouar, Assia Yahya Bin Isa. Investigation of value creation through merger : evidence from Amman Stock Exchange. (Master's theses Theses and Dissertations Master). Mutah University. (2011).
https://search.emarefa.net/detail/BIM-301949
نمط استشهاد الجمعية الطبية الأمريكية (AMA)
Boulanouar, Assia Yahya Bin Isa. (2011). Investigation of value creation through merger : evidence from Amman Stock Exchange. (Master's theses Theses and Dissertations Master). Mutah University, Jordan
https://search.emarefa.net/detail/BIM-301949
لغة النص
الإنجليزية
نوع البيانات
رسائل جامعية
رقم السجل
BIM-301949
قاعدة معامل التأثير والاستشهادات المرجعية العربي "ارسيف Arcif"
أضخم قاعدة بيانات عربية للاستشهادات المرجعية للمجلات العلمية المحكمة الصادرة في العالم العربي
تقوم هذه الخدمة بالتحقق من التشابه أو الانتحال في الأبحاث والمقالات العلمية والأطروحات الجامعية والكتب والأبحاث باللغة العربية، وتحديد درجة التشابه أو أصالة الأعمال البحثية وحماية ملكيتها الفكرية. تعرف اكثر