This publication analyzes three individual corporate finance-related research topics on mergers and acquisitions in the global brewing industry. The first two studies investigate the short and long-term share price reactions of acquirer and rival companies. The third study assesses the immediate impact of mergers and acquisitions on systematic risk. Overall, the study contains a variety of empirical findings that are novel to existing corporate finance research. It provides a comprehensive analysis of the capital market implications of mergers and acquisitions in the sector and determinant drivers.
Frankfurt am Main, Berlin, Bern, Bruxelles, New York, Oxford, Wien, 2012. XX, 126 pp., 47 tables, 8 graphs
Contents: Research Foundations: Market Overview and Industry Analysis – Study 1: Short-term Success of Mergers and Acquisitions
– Study 2: Long-term Success of Mergers and Acquisitions – Study 3: Consolidation and Changes in the Risk Profile of the Brewing
Industry – Abnormal Returns – Risk Analysis Applying GARCH Model – Risk Shifts.