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The market valuation of M&A announcements in the United Kingdom

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  • Andriosopoulos, Dimitris
  • Yang, Shuai
  • Li, Wei-an

Abstract

This paper investigates the short-term market reaction to UK acquirers announcing domestic and foreign mergers and acquisitions (M&As) from 2000 to 2010. We define acquirers as value, moderate and glamour acquirers based on equally weighted market-to-book terciles. We find that value acquirers outperform glamour acquirers during and after the M&A announcement. We also focus on the impact of institutional ownership and find that higher domestic, foreign and total institutional ownership leads to lower market reaction to M&A announcements. We also find that long-term institutional investors lead to a higher post-announcement market performance. Finally, we find that greater domestic institutional ownership mitigates the typical poor short-term performance following M&A announcements of glamour acquirers.

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  • Andriosopoulos, Dimitris & Yang, Shuai & Li, Wei-an, 2016. "The market valuation of M&A announcements in the United Kingdom," International Review of Financial Analysis, Elsevier, vol. 48(C), pages 350-366.
    • Handle: RePEc:eee:finana:v:48:y:2016:i:c:p:350-366
    DOI: 10.1016/j.irfa.2015.05.022
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    3. Kai-Shi Chuang, 2018. "Glamour versus value, market timing and firm performance: evidence from mergers and acquisitions," Review of Quantitative Finance and Accounting, Springer, vol. 51(4), pages 967-1003, November.

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    More about this item

    Keywords

    Institutional ownership; Domestic institutional ownership; Institutional ownership turnover; Mergers and acquisitions; Glamour acquirers; Value acquirers; Announcement returns;
    All these keywords.

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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