| Summary: | 碩士 === 銘傳大學 === 企業管理學系碩士在職專班 === 104 === Merger and acquisition (M&A) has become an important means for continuous business growth and market-share expansion for the enterprises. Nevertheless, analyses related to the M&A announcement effects on firms in the traditional industries are less since 2008. Although such industries are thought as the declining industries, the rising interest in sport activities recently for related industries, such as machinery and textile, has undergone certain transformation for them. Therefore, it is worth paying attention and investigation to their transformation development. Meanwhile, it is necessary for further observance and comparison on announcement effects between domestic and international M&As, and between the vertical and horizontal M&As. It mentioned above is the main objective of the study.
Through the event study and independent-samples t tests, the study investigates and compares the announcement effects on listed and OTC firms of traditional industries between year 2007 to July 31st 2015. The empirical results are as follows. First, there is a significant M&A announcement effect on the overall samples. Second, it is also found that the significant effects on domestic and international M&As activities according to the abnormal returns (ARs), respectively; however, the average accumulated ARs (CARs) do not show significances. Third, the declaration of horizontal and vertical M&As provides significant negative ARs. Finally, when making comparisons between domestic and international announcement effects, and between those on horizontal and vertical M&A activities, it is found that those effects are significant. In conclusion, throughout partial evidences from an empirical analysis mentioned above, the semi-strong form efficient market hypothesis holds.
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