The Effect of Terminated Bids in Mergers & Acquisitions - A study on the effect of terminated bids’ buy-and-hold abnormal returns in a short- and long-term perspective on the European market 1990-2015
The purpose of this thesis is to examine the target firm’s abnormal returns in two aspects; short-term and long-term after a bid gets terminated for different categorizations and payment methods. The approach is the buy-and hold abnormal returns presented by Barber & Lyon (1997). The approach of control firms are used in the context of BHAR as recommended by Safieddine & Titman (1999). Thi
