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Tipwan Promprapat. Analysis of cross border M&A: evidence from ASEAN exchanges. Master's Degree(Finance). Thammasat University. Thammasat University Library. : Thammasat University, 2015.
Analysis of cross border M&A: evidence from ASEAN exchanges
Name: Tipwan Promprapat
keyword:
Cross border M&A
Abstract:
M&A in ASEAN is growing together with the upcoming event of ASEAN Economic Community (AEC) so this study wants to investigate the cross-border M&A deals in Malaysia, Singapore, and Thailand from 2009-2013. Firstly, we investigate whether these deals create significant cumulative abnormal return (CAR) since CAR reflects market expectation about the effect of the deals on the firms future performance. The study finds positive and significant CAR which means investors expected that these deals would benefit the firms in the future. After that firms long-term performances measure by ROA and ROE from before and after M&A are investigated. The study finds that firms performance is significantly deteriorate after M&A. In addition, the effect of industry relatedness and methods of payments for M&A on CAR and firms performance are also investigated. The study finds that acquiring firms in the related industry (horizontal and vertical M&A instead of unrelated) and paying for the acquisition by cash (instead of paying by other payment methods e.g. stock or mixed) positively and significantly affect firms performance, while, they insignificantly affect CAR. This means that investors expect that these factors should not have an effect on firms performance in the future, but in fact it does. Therefore, firms should include these factors into their consideration for their M&A
Thammasat University. Thammasat University Library
Address:
BANGKOK
Email:
preserv@tu.ac.th
Name: Phanthisa Pavabutr
Role:
advisor
Created:
2015
Modified:
2021-10-15
Issued:
2021-10-15
วิทยานิพนธ์/Thesis
application/pdf
eng
DegreeName: Master of Science
Level: Master's Degree
Descipline: Finance
Grantor: Thammasat University
©copyrights Thammasat University
RightsAccess:
ใช้เวลา
0.017979 วินาที
Tipwan Promprapat
| Title | Contributor | Type |
|---|---|---|
| Analysis of cross border M&A: evidence from ASEAN exchanges
มหาวิทยาลัยธรรมศาสตร์ Tipwan Promprapat | Phanthisa Pavabutr | วิทยานิพนธ์/Thesis |
Phanthisa Pavabutr
| Title | Creator | Type and Date Create |
|---|---|---|
| Liquidity as an investment style: evidence from Stock Exchange of Thailand
มหาวิทยาลัยธรรมศาสตร์ Phanthisa Pavabutr | Watcharit Worasitthikorn | วิทยานิพนธ์/Thesis |
| Does climate change affect your equity portfolio?
มหาวิทยาลัยธรรมศาสตร์ Phanthisa Pavabutr | Pongkhun Noinate | วิทยานิพนธ์/Thesis |
| Performance of return and volume momentum: ASEAN equity portfolios
มหาวิทยาลัยธรรมศาสตร์ Phanthisa Pavabutr | Poom Jedsomma | วิทยานิพนธ์/Thesis |
| Analysis of cross border M&A: evidence from ASEAN exchanges
มหาวิทยาลัยธรรมศาสตร์ Phanthisa Pavabutr | Tipwan Promprapat | วิทยานิพนธ์/Thesis |
| An empirical examination of average fund investor timing ability in open-ended funds
มหาวิทยาลัยธรรมศาสตร์ Phanthisa Pavabutr | Kawita Machai | วิทยานิพนธ์/Thesis |
| Retail investors and equity prices : evidence from a retail dominant emerging market
มหาวิทยาลัยธรรมศาสตร์ Phanthisa Pavabutr | Tharinee Komcharoenporn | วิทยานิพนธ์/Thesis |