Researcher ORCID Identifier


Graduation Year


Date of Submission


Document Type

Open Access Senior Thesis

Degree Name

Bachelor of Arts



Reader 1

Murat Binay

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2021 Samuel G Johnson


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.