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

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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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LIST OF SYMBOLS

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αj Alpha of company j (OLS regression parameter α) Adj. R2 Adjusted R-squared (OLS coefficient of determination) ARjt Abnormal return of company j on day t βj Beta of company j (OLS regression parameter β) BHARjm Buy-and-hold abnormal return for company j in month m BHRbm Buy-and-hold return of benchmark index b in month m BHRjm Buy-and-hold return for company j in month m CARj Cumulative abnormal return of company j Σ Summation operator €bn(m) Billions (millions) of euros εjt Residual disturbance term E(Rjt) Expected return of company j on day t N Sample size Π Product operator Rbm Return of benchmark index b in month m Rbt Return of benchmark index b on day t Rjm Return of company j in month m Rjt Return of company j on day t Ratioind-adjpost, j Industry-adjusted post-merger financial ratio of company j Ratioind-adjpre,j Industry-adjusted pre-merger financial ratio of company j $bn(m) Billions (millions) of US dollars [t1; t2] Event window ranging from days t1 to t2 x Multiplier (e.g. for EV/EBIT multiple, market-to-book ratio)

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