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Empirical Evidence On The Relationship Between Mergers & Acquisitions And The Romanian Stock Market

Author

Listed:
  • Cernat-Gruici Bogdan

    () (Academia de Studii Economice Bucuresti,Relatii Economice Internationale)

  • Constantin Laura Gabriela

    () (Academia de Studii Economice Bucuresti, Relatii Economice Internationale)

  • Iamandi Irina Eugenia

    () (Academia de Studii Economice Bucuresti,Relatii Economice Internationale)

Abstract

Based on empirical studies and theoretical evidence, the paper investigates the relationship between mergers and acquisitions in Romania and Romanian stock market, described by the BET and BET-C indexes. By using the Granger causality test for the number of mergers and acquisitions, the research results suggest that, for the market and period considered, one way and both ways relationships are present.

Suggested Citation

  • Cernat-Gruici Bogdan & Constantin Laura Gabriela & Iamandi Irina Eugenia, 2010. "Empirical Evidence On The Relationship Between Mergers & Acquisitions And The Romanian Stock Market," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 1(2), pages 700-704, December.
  • Handle: RePEc:ora:journl:v:1:y:2010:i:2:p:700-704
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    File URL: http://anale.steconomiceuoradea.ro/volume/2010/n2/110.pdf
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    References listed on IDEAS

    as
    1. Guerard, John Jr., 1989. "Mergers, stock prices, and industrial production : Further evidence," Economics Letters, Elsevier, vol. 30(2), pages 161-164, August.
    2. Shleifer, Andrei & Vishny, Robert W., 2003. "Stock market driven acquisitions," Journal of Financial Economics, Elsevier, vol. 70(3), pages 295-311, December.
    3. Geroski, P. A., 1984. "On the relationship between aggregate merger activity and the stock market," European Economic Review, Elsevier, vol. 25(2), pages 223-233, July.
    4. Clarke, Roger & Ioannidis, Christos, 1996. "On the relationship between aggregate merger activity and the stock market: some further empirical evidence," Economics Letters, Elsevier, vol. 53(3), pages 349-356, December.
    5. repec:hrv:faseco:30748164 is not listed on IDEAS
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Hsueh, Shun-Jen & Tsao, Yao Chun & Tu, Chien-Heng & Chiu, Yung-Ho & Liu, Shu-Bing, 2014. "Can M&A activities act as a predictor of the performance of economic growth or stock prices?," Economic Modelling, Elsevier, vol. 42(C), pages 430-438.

    More about this item

    Keywords

    Mergers; Acquisitions; Granger Causality; Stock Market Index;

    JEL classification:

    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General

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