published_or_final_version / Business / Doctoral / Doctor of Philosophy

Dissertation (Ph.D.)--Auburn University, 2009. / Abstract. Includes bibliographic references (p.64-92).

Thesis (Ph. D.)--University of Chicago, Graduate School of Business, December 2000. / Includes bibliographical references. Also available on the Internet.

Thesis (Ph.D.)--University of Texas at Dallas, 2007. / Includes vita. Includes bibliographical references (leaves 93-100)

Thesis (Ph. D.)--University of Texas at Austin, 1999. / Vita. Includes bibliographical references (leaves 99-105). Available also in a digital version from Dissertation Abstracts.

There is broad agreement in the literature that in general, mergers and acquisitions in both the short and long run are largely zero or negative, net present value exercises for the shareholders of the acquiring company. At the same time it is believed that significant returns are realised by the shareholders of the target companies. Despite this broad agreement and due to the complexity of the open market, there are still a large number of variables which can and could possibly account for many of the exceptions which have been highlighted in a range of studies. The aim of this study was to investigate whether there is any evidence to suggest that merger and acquisition activity in the different market sectors of the JSE are either, more or less successful than the average. A total of 82 transactions were identified as meeting the strict requirements of the methodology. These included representatives from five sectors Basic Industries, Consumer Goods&Services, Financials, Information Technology and Resources. Event study methodology was used to investigate the abnormal returns of acquiring companies before and after the announcement of the event. It was established that in all but one of the market sectors there was statistically significant evidence that merger and acquisition transactions in different market sectors are either better or worse than the average at creating value for the acquiring company shareholders. / Dissertation (MBA)--University of Pretoria, 2010. / Gordon Institute of Business Science (GIBS) / unrestricted

This paper assesses the impact of earnings quality on market responses to annual earnings announcements. Earnings quality is measured by the ratio of earnings to funds from operations. The difference in the association between forecast errors and excess returns across the high/low quality earnings subsamples is found to be statistically significant; there is a greater market response to earnings announcements of high-quality firms than to low-quality firms. Hence, earnings quality as measured by the ratio of earnings to funds from operations, is found to have pricing implications. The results are robust across two regression models: OLS on returns ordered in announcement time and SUR/GLS on returns ordered in calendar time. / Business, Sauder School of / Graduate

published_or_final_version / abstract / Business / Master / Master of Philosophy

published_or_final_version / Business / Doctoral / Doctor of Philosophy

published_or_final_version / Business / Doctoral / Doctor of Philosophy