Topic II: Empirical Study
You are required to conduct an event study surrounding Merger and Acquisition
(M&A) events. For a country of your choice, collect from Thomson One Banker data
on M&A announcement dates. The ‘Event’ is going to be the announcement date. Your
aim is to analyse the impact of these announcements on the share price of the
ACQUIRING firm (NOT the target firm). You must examine 50 observations of ‘home’
takeovers, and 50 observations of ‘cross-border’ takeovers (100 observations in total).
e.g. a UK firm announcing that it is going to acquire another UK firm on a
certain date is an example of a ‘home’ takeover.
A UK firm announcing that it is going to acquire a firm based anywhere outside
the UK on a certain date is an example of a ‘cross-border’ takeover.
In both of the above examples, the acquiring firm is from the same country (the UK in
The dataset should be as recent as possible, so announcements from 2010 onwards
should be used. If you cannot collect sufficient observations from 2010 to present, then
consider looking at a different country.
There are some references on Blackboard to start you off. But you must also search for
and make use of other relevant journal articles. You will use these articles to discuss
their findings and to formulate the hypotheses in your study.
The format of your report should be similar to a short research article (3,000 words). It
should therefore have the following sections: introduction, brief literature review, data,
methodology, empirical results, conclusion and reference list. Econometric models
must be estimated to address the research question. The report will be judged on the
following criteria: a) identifying appropriate published literature to use as a basis for
the work, and including a brief critical review of this literature; b) hypothesis
development/development of research question; c) collecting appropriate data to
answer the chosen research question, and discussing the content and collection of the
dataset in a clear and detailed manner; d) selecting appropriate quantitative methods for
analysing the data, and implementing the research design in a convincing manner; e)
presenting and interpreting the results in a clear and coherent manner; f) drawing
appropriate conclusions from your reading and from your empirical work, and
discussion on limitations.
Files including your data and empirical analysis must be submitted electronically
on a cd or memory stick attached to the hard copy of this assignment.
NOTICE: I have an access for THOMSON BANKER.
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