Researcher ORCID Identifier


Graduation Year


Date of Submission


Document Type

Campus Only Senior Thesis

Degree Name

Bachelor of Arts



Reader 1

Nishant Dass

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2022 William R Smith


This paper uses an event study on 75 Merger and Acquisition (M&A) announcement events for four individual companies within the video game industry. The focus is to look at if the investor’s abnormal returns during the window can be attributed to the acquisition of a privately owned company. With a rise in resources for large companies within the industry, the focus should be on understanding the motivations and the distinctive characteristics surrounding M&A events. The event study revealed that seven events were statistically significant with 41 of the remaining events showing a non-significant positive relationship. After the event study, a regression on the abnormal returns against different descriptive variables of the acquired or investing firm was run. None of them were significant but revealed that there is a lot of variability not accounted for by the variables used. However, the cleaned data made it difficult to find more variables. These findings would be the most interesting to investors looking into how the events effect the investors returns as well as looking into anti-trust or collusive elements. Overall, this paper concludes with that although few events show signs of significance, a possible study into the variables surrounding the event such as more detailed characteristics of the acquired or investing company can lead to predictors of such events that is relevant to investors.

This thesis is restricted to the Claremont Colleges current faculty, students, and staff.