Mergers and acquisitions during financial crises

buir.advisorTanyeri, Ayşe Başak
dc.contributor.authorYılmaz, Işıl Sevilay
dc.departmentDepartment of Managementen_US
dc.descriptionCataloged from PDF version of article.en_US
dc.descriptionThesis (Ph.D.): Bilkent University, Department of Management, İhsan Doğramacı Bilkent University, 2016.en_US
dc.descriptionIncludes bibliographical references (leaves 285-298).en_US
dc.description.abstractThis thesis investigates the effects of financial crises on mergers and acquisitions (M&A) activity. We investigate if M&A deals in crisis periods differ in terms of dollar volume and quantity of deals, target and bidder characteristics, cumulative abnormal returns (CAR) and deal premiums. First, we describe global M&A activity across 47 countries over the period 1992 to 2011. We investigate how value is generated and distributed in M&A deals around the world. We find that M&A activity (particularly in deals where control rights are sold) generates value. We also find that the magnitudes of bidder and target CARs in developed countries are higher than those in emerging-market countries. Second, we identify effects of financial crises based on a sample of 39 countries. We conclude that financial crisis in target country affects the value generated in M&A deals and how the generated value is distributed between target and bidder shareholders. Moreover, a typical crisis affects the value generated and the distribution of value differently in developed and emerging countries. In particular, crisis time M&A deals generate more value if the target is from a developed country. Finally, financial crises may affect the type of deals that are undertaken and/or affect the pricing of deals. We investigate if differences in deal characteristics account for differences in the value generated and distributed. We conclude that targets operating in countries, which experience crisis, enjoy higher CARs in the full sample even after accounting for the differences in deal specifics.en_US
dc.description.provenanceSubmitted by Betül Özen ( on 2016-10-03T07:46:49Z No. of bitstreams: 1 10126054.pdf: 4344196 bytes, checksum: 7c3261f03bf08fa48d88ad48fb460c1e (MD5)en
dc.description.provenanceMade available in DSpace on 2016-10-03T07:46:49Z (GMT). No. of bitstreams: 1 10126054.pdf: 4344196 bytes, checksum: 7c3261f03bf08fa48d88ad48fb460c1e (MD5) Previous issue date: 2016-09en
dc.description.statementofresponsibilityby Işıl Sevilay Yılmaz.en_US
dc.format.extentxx, 298 leaves.en_US
dc.publisherBilkent Universityen_US
dc.subjectEvent Studyen_US
dc.subjectFinancial Crisisen_US
dc.subjectMergers and Acquisitionsen_US
dc.subjectPartial Salesen_US
dc.titleMergers and acquisitions during financial crisesen_US
dc.title.alternativeFinansal kriz dönemlerinde şirket birleşme ve satın almalarıen_US
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