The Effect of Merger and Acquisition on the Stockholder’s Wealth in the Financial Holding Company

• Main Authors: Hsu-Yi Chang, 許益彰
• Other Authors: Po-Sheng Ko
• Format: Others
• Language: zh-TW
• Published: 2005
• Online Access: http://ndltd.ncl.edu.tw/handle/17847273436195508452

碩士 === 國立高雄應用科技大學 === 商務經營研究所 === 93 === The research utilized the event study with OLS and GARCH model to prove that merger and acquisition（M&A） in the financial holding company produced the abnormal return (AR) , and different types of M&A caused deviation on AR. When the financial holding company declared merger, all samples on the financial holding company had positive influence in periods（- 10，1）and periods（-10，2）, and samples on the target firm had positive influence in periods（- 10，1）、periods（-10，2）and periods（- 10，3）. Before the day that the financial holding company carried out merger, all samples on the financial holding company and the target firm had negative influence. After the day that the financial holding company carried out merger, samples on the acquiring company began to have positive influence. Before the financial holding company set up, all samples were located in periods（-10，-3）and periods（-10，-2）, and the cumulative abnormal return（CAR）from merger was relatively higher. Samples on the target firm showed that the CAR from merger was relatively higher. When all samples were in periods（-10，1）and periods（-10，2）, the CAR from merger declaration in the financial holding company was relatively higher than the ordinary financial institutions. All samples and samples on the acquiring company showed that CAR from merger declaration in the related cooperation was relatively lower. All samples and samples on the target firm showed that CAR from merger in the related cooperation was relatively higher. When samples on the acquiring company were in periods（-10，1）and periods（-10，2）, the CAR from merger in the related cooperation was relatively higher.