Financial Return Risk and the Effect on Shareholder Wealth : How M&A Announcements and Banking Crisis Events Affect Stock Mean Returns and Stock Return Risk- A Compendium of Five Empirical Studies across Selective Industries
New
Book Details
Format
Hardback or Cased Book
Book Series
Corporate Finance and Governance
ISBN-10
363162249X
ISBN-13
9783631622490
Edition
New
Publisher
Peter Lang AG
Imprint
Peter Lang AG
Country of Manufacture
DE
Country of Publication
GB
Publication Date
Sep 6th, 2012
Print length
183 Pages
Weight
378 grams
Dimensions
15.50 x 21.70 x 1.70 cms
Ksh 9,250.00
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A dissertation comprises five studies analyzing daily stock returns of listed firms. It deals with corporate diversification through M&A and how related risk dynamics affect shareholder wealth.
This dissertation comprises five studies analyzing daily stock returns of listed firms. Studies one and two shed light on corporate diversification through M&A and how related risk dynamics affect shareholder wealth. Carrying over the risk analysis methodology ''GARCH'' to external events in studies three and four, the author individually scrutinizes the adverse implications of bank failures and bailouts in the 2007-2009 financial crisis. Finding opposing return shocks, he identifies the limits of the ''symmetric'' GARCH. As observed of the behavior of stock return data, volatility reacts asymmetrically to positive and negative return shocks. The advanced EGARCH incorporates this so called ''leverage effect''. Applying the EGARCH in his final study, the author can simultaneously scrutinize the adverse bank events with an appropriate econometric foundation.
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