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Financial Market Reactions To International Mergers & Acquisitions In The Brewing Industry: An Event Study Analysis

  • Heyder, Matthias
  • Ebneth, Oliver
  • Theuvsen, Ludwig
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    Cross-border acquisitions have been the growing trend in recent years in the world brewing industry, giving brewers the opportunity to enhance their degree of internationalization and market share remarkably. This study employs event study analysis to examine 31 mergers and acquisitions among leading European brewing groups. Differences regarding financial market reactions can be determined within the European peer group. Managerial implications as well as future research propositions conclude this paper.

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    File URL: http://purl.umn.edu/7610
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    Paper provided by German Association of Agricultural Economists (GEWISOLA) in its series 47th Annual Conference, Weihenstephan, Germany, September 26-28, 2007 with number 7610.

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    Date of creation: 2008
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    Handle: RePEc:ags:gewi07:7610
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    1. Fama, Eugene F, et al, 1969. "The Adjustment of Stock Prices to New Information," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 10(1), pages 1-21, February.
    2. Cybo-Ottone, Alberto & Murgia, Maurizio, 2000. "Mergers and shareholder wealth in European banking," Journal of Banking & Finance, Elsevier, vol. 24(6), pages 831-859, June.
    3. Brown, Stephen J. & Warner, Jerold B., 1985. "Using daily stock returns : The case of event studies," Journal of Financial Economics, Elsevier, vol. 14(1), pages 3-31, March.
    4. Francis Declerck, 1995. "Did LBOs create value in US food industries in the 1980s?," Agribusiness, John Wiley & Sons, Ltd., vol. 11(6), pages 523-536.
    5. Brown, Stephen J. & Warner, Jerold B., 1980. "Measuring security price performance," Journal of Financial Economics, Elsevier, vol. 8(3), pages 205-258, September.
    6. Jensen, Michael C, 1988. "Takeovers: Their Causes and Consequences," Journal of Economic Perspectives, American Economic Association, vol. 2(1), pages 21-48, Winter.
    7. Jensen, Michael C. & Ruback, Richard S., 1983. "The market for corporate control : The scientific evidence," Journal of Financial Economics, Elsevier, vol. 11(1-4), pages 5-50, April.
    8. repec:dgr:kubcen:20066 is not listed on IDEAS
    9. Clement E. Ward & Jong-In Lee, 2002. "Impacts from meatpacking firm mergers in an experimental market," Agribusiness, John Wiley & Sons, Ltd., vol. 18(2), pages 247-260.
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