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Impact of mergers and acquisitions on stock returns of tramp shipping firms

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Author Info

  • Aristeidis G. Samitas
  • Dimitris F. Kenourgios

Abstract

This paper examines a new issue in the tramp shipping industry – mergers and acquisitions – which has drawn firms into a competition on size, market share and total tonnage. The purpose of this paper is to investigate the behaviour of tramp shipping firms' stock returns, when they announce mergers and acquisitions, and how this is portrayed on their stock values. The methodology used is event study analysis and bootstrap. Our sample is constituted by member firms of NASDAQ and NYSE. The empirical results indicate the positive impact that announcements of mergers and acquisitions cause in tramp firms' stock returns. The impact of mergers and acquisitions is highly important and plays a key role for firms to follow new challenges in the shipping industry and create higher financial value.

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Bibliographic Info

Article provided by Inderscience Enterprises Ltd in its journal Int. J. of Financial Services Management.

Volume (Year): 2 (2007)
Issue (Month): 4 ()
Pages: 327-343

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Handle: RePEc:ids:ijfsmg:v:2:y:2007:i:4:p:327-343

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Web page: http://www.inderscience.com/browse/index.php?journalID=76

Related research

Keywords: bootstrap methodology; consolidation; corporate restructuring; event study analysis; mergers; acquisitions; NASDAQ; NYSE; tramp shipping firms; stock returns.;

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Cited by:
  1. Grammenos, Costas Th. & Papapostolou, Nikos C., 2012. "US shipping initial public offerings: Do prospectus and market information matter?," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 48(1), pages 276-295.
  2. Alexandrou, George & Gounopoulos, Dimitrios & Thomas, Hardy M., 2014. "Mergers and acquisitions in shipping," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 61(C), pages 212-234.
  3. Andreou, Panayiotis C. & Louca, Christodoulos & Panayides, Photis M., 2012. "Valuation effects of mergers and acquisitions in freight transportation," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 48(6), pages 1221-1234.

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