Graduation Year

2026

Date of Submission

11-2025

Document Type

Campus Only Senior Thesis

Degree Name

Bachelor of Arts

Department

Economics

Reader 1

Murat Binay

Abstract

Previous studies have focused on the characteristics and activities of serial acquirers. These have yielded mixed results in terms of their ability to create shareholder value. This paper builds on these findings to explore how markets react to acquisition announcements by serial acquirers in four industries. The sample consists of 586 serial acquirer deals ranging from 2010 to 2024, collected from S&P’s Capital IQ. The cumulative abnormal returns (CARs) around announcement dates are calculated and compared with both deal- and firm-level characteristics in order to study differences in reactions across industries. The market-adjusted model framework employing robust regression methods is used to capture variations within and across industries. As predicted, the nature of factors driving the market reactions varies significantly by industry and suggests that investors interpret acquisition signals through different, industry-specific lenses.

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

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