{"product_id":"the-measurement-of-post-deal-performance-an-empirical-analysis-of-european-m-a-transactions-9783346162748","title":"The Measurement of Post Deal Performance. An Empirical Analysis of European M\u0026A Transactions","description":"\u003cp\u003e • Author(s): Tim Ulbricht\u003cbr\u003e • Publisher: Grin Verlag\u003cbr\u003e • Publisher Imprint: Grin Verlag\u003cbr\u003e • BISAC: General\u003c\/p\u003e\u003cp\u003e\u003c\/p\u003e\u003cp\u003eBachelor Thesis from the year 2018 in the subject Business economics - Investment and Finance, grade: 1,3, LMU Munich (Institut für Rechnungswesen und Wirtschaftsprüfung), language: English, abstract: There are several studies that showed that on average 50% of all M\u0026amp;A deals lead to a failure. There are some explanations for the high rate of failures in empirical research, e.g. hubris which is the overconfidence of the management as first mentioned by Roll or managerialism. Still M\u0026amp;A transactions take place frequently and shareholders do not prohibit them. Cartwright \u0026amp; Schoenberg suggest that this unchanged acceptance of shareholders for M\u0026amp;A activities exists because there are some synergies or gains, but the measures used in research do not acknowledge them properly. They state that in a market environment such inefficiencies (value destroying M\u0026amp;A transaction) are hard to believe. I want to contribute to this debate by identifying, describing and finally analyzing several measures that are used in research and apply them on the same sample. According to Thanos \u0026amp; Papadakis the used measure in a study seems to highly influence the outcome. They found that return on assets (ROA) measures often lead to a negative outcome while cash flow measures often lead to a positive outcome. They state that the usage of several measures in the same study could lead to more robust results. There are a lot of different measures used to analyze M\u0026amp;A performance. Meglio \u0026amp; Risberg divide these measures into a financial domain including measures for market performance and measures for accounting performance and a non-financial domain including measures for operational performance and measures for overall performance. In my empirical analysis I will focus on accounting and market measures due to data availability. The accounting measures can be separated into three major categories: ratios, growth measures and operating cash flows. I will start with a li\u003c\/p\u003e","brand":"Grin Verlag","offers":[{"title":"Paperback","offer_id":45537547092119,"sku":"9783346162748","price":3316.0,"currency_code":"INR","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0666\/3471\/1191\/files\/9783346162748.webp?v=1767901761","url":"https:\/\/atlanticbooks.com\/products\/the-measurement-of-post-deal-performance-an-empirical-analysis-of-european-m-a-transactions-9783346162748","provider":"Atlantic Books","version":"1.0","type":"link"}