Researcher ORCID Identifier
0000-0001-7907-2346
Graduation Year
2022
Date of Submission
12-2021
Document Type
Open Access Senior Thesis
Degree Name
Bachelor of Arts
Department
Economics
Reader 1
Murat Binay
Terms of Use & License Information
Rights Information
2021 Samuel G Johnson
Abstract
Utilizing an event study methodology, this paper studies the effect that mergers and acquisitions (M&A) announcements have on media acquirors’ stock returns. This study also examines the effect that various characteristics of the target and acquiror have on acquirors’ returns. These characteristics include: location of the acquired company, year of the acquisition, industry of the acquired company, price of the acquired company, size of the acquiror, and serial acquiror status of the acquiror. My findings are consistent with previous literature that find that, in a short-term event window surrounding the announcement of a merger or acquisition, acquirors experience returns that are not significantly different from zero, on average. Additionally, my results indicate that an increased acquiror size corresponds with a predicted increase in acquiror returns and that acquisitions of media companies correspond with a predicted decrease in acquiror returns.
Recommended Citation
Johnson, Samuel, "Media Merger Madness: An Event Study Analyzing Acquiror Returns in Media & Entertainment" (2022). CMC Senior Theses. 2863.
https://scholarship.claremont.edu/cmc_theses/2863
