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THE EFFECTS OF ACQUISITIONS ON FIRM VALUE, EVIDENCE FROM TURKEY

SATIN ALMALARIN ŞİRKET DEĞERİ ÜSTÜNDEKİ ETKİSİ, TÜRKİYE ÖRNEĞİ

Fatma Büşra Günay Bendaş(Washington and Lee University)
Pages
79–90
Publication Date
2015-01-01
DOI
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AI Summary & Key Takeaways

AI Insight
⚡ TL;DR(Too Long; Didn't Read)

By taking the overall market considerations into account, I measure the degree of value creation over different periods of time.

📌 3 Key Takeaways

🎯
Objective & Hypothesis:Acquisitions are assumed to create value for both the target and the acquiring firm.
📊
Key Findings & Data:This paper analyzes the sources of value creation in acquisitions and examines the domestic acquisitions that took place in Turkey in 2013.
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Conclusion & Impact:By taking the overall market considerations into account, I measure the degree of value creation over different periods of time.
🔬Design:Makale
📍Scope:2013 Verileri
⚙️Variables:Şirket Satın Almaları · Finansal Piyasalar · Olay Çalışmaları

Abstract

Acquisitions are assumed to create value for both the target and the acquiring firm. This paper analyzes the sources of value creation in acquisitions and examines the domestic acquisitions that took place in Turkey in 2013. By taking the overall market considerations into account, I measure the degree of value creation over different periods of time. I use the standard market value technique to calculate abnormal returns in stock prices of the acquiring firms and find that the increase in firm value is statistically significant in the long run but not in the short run.

Özet

Şirket satın almalarının hem satın alan hem de satılan firmanın piyasa değerini arttırdığı varsayılır. Bu makalede, Türkiye'de 2013 yılında gerçekleşen yerli satın almalar, piyasaların genel trendini de göz önünde bulundurarak incelenmiştir. Standart Piyasa değeri tekniğini kullanarak, satın alan firmanin hisse senedi fiyatlarındaki anormal getiriler hesaplanmıştır . Satın almanin açıklandığı tarih öncesi ve sonrasının karşılaştırılması sonucunda, firma değerindeki artışın uzun vadede istatistiki olarak anlamlı olduğu, fakat kısa vadede anlamlı olmadığı bulunmuştur

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Cite This Article

Bendaş, F. B. G. (2015). THE EFFECTS OF ACQUISITIONS ON FIRM VALUE, EVIDENCE FROM TURKEY. Doğuş Üniversitesi Dergisi, Cilt: 16 Sayı: 1, 79–90. https://ajindex.com/articles/1172328

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