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M&A Activity, Divestitures and Initial Public Offerings in the Fashion Industry


Steffen Meinshausen

This thesis analyzes four individual corporate finance-related research objectives on the fashion and leather accessories industry. The first two studies investigate the share price reactions of strategic bidder M&A transactions and their key drivers. The third study analyzes the implications of a missed disposal opportunity in the luxury fashion segment. Finally, the fourth study illustrates the long-term performance and changes in systematic risk exposure of initial public offerings in the fashion industry. The thesis contains a variety of empirical findings that are novel to the existing literary base of corporate finance research. It shows the various drivers of consolidation in a highly-dynamic and heterogeneous industry segment over the course of the last two decades.


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In achieving this academic endeavor, I would like to take the time to say thanks to a variety of people that have guided me throughout the process of writing my dissertation by giving me valuable feedback and helping me to shape my ideas in a constructive way. I really enjoyed my time as a PhD student and research assistant and would also like to thank many individuals that I met on various occasions during this particular period in time. First, I would like to thank Prof. Dr. Dirk Schiereck for his great support and kind personality that have encouraged me to broaden my theoretical knowledge in the fields of corporate finance and behavioral economics. Over the last two and a half years, I have gained tremendous insights into empirical corporate finance research due to his professional mentoring and constructive feedback. I would also like to take the opportunity to thank him as well as my fellow PhD students Anit, Christian B., Christian T., Christoph, Daniel, Julian, Malte, Meh- tap, Robert as well as Mrs. Felicitas Eichler for the great atmosphere during my time as a research assistant at the chair of corporate finance in Darmstadt. There are many others who have contributed to this dissertation and my re- search papers, such as Prof. Dr. Joachim Ahrens for his support during my stu- dies of business administration in Göttingen and Dr. Mark Mietzner at Darmstadt University of Technology. In addition, I thank various editors and reviewers at international journals that...

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