ردود فعل أسعار الأسهم على الإعلان عن عمليات الاندماج و الاستحواذ في القطاع المصرفي في المملكة المتحدة

الملخص EN

The aim of this research paper is to test the reactions of the market with regards to the announcements of mergers and acquisitions, using an event study methodology.

This paper evaluates the impact of mergers and acquisitions on prices within the UK banking sector.

The study focuses on five deals that involve banks in mergers and acquisitions, in order to evaluate the shareholder returns of the target and acquirer banks.

Evidence supports significant cumulative abnormal returns (CAR) for acquirers that were higher than those for target banks.

Fluctuations were clear in the target banks' stock prices before any announcement.

Conversely, the acquirer banks’ stocks show little fluctuation before any announcement and a positive upward trend during the time period 2 to 16 days after the announcement date for (CAR) values.

In the case of target banks, the analysis of (CAR) during the time period -14 to -4 days tends to reveal that there is positive abnormal movement before the announcement day, perhaps due to the leaking of information about the deal.