Mergers and Acquisitions in the U.S. Telecommunications Industry - An Empirical Analysis of Diversification Strategies, Influencing Factors and Their Performance Implications

Released on by Alexandre Robert Mounier
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  • Mergers and Acquisitions in the U.S. Telecommunications Industry - An Empirical Analysis of Diversification Strategies, Influencing Factors and Their Performance Implications Book Detail

  • Author : Alexandre Robert Mounier
  • Release Date : 2017
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  • File Size : 83,83 MB
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Mergers and Acquisitions in the U.S. Telecommunications Industry - An Empirical Analysis of Diversification Strategies, Influencing Factors and Their Performance Implications by Alexandre Robert Mounier PDF Summary

Book Description: The telecommunications industry is among the most dynamic industries in terms of mergers and acquisitions activity. Yet, only few studies have been concerned with the particular challenges and dynamics telecommunications firms face when engaging in takeover activity. This thesis addresses this gap and contributes to existing re- search by investigating influencing factors and their performance implications for mergers and acquisitions in the U.S. telecommunications industry. The analysis is conducted using a five-day event study methodology based on abnormal returns in combination with ordinary least squares and weighted least squares regressions. The evidence obtained suggests that on average, related acquisitions are expected to out- perform unrelated acquisitions with an underlying U-shaped pattern, and acquirer experience and acquisition timing also exhibit a curvilinear linkage to market expectations about firm performance. The results of this thesis emphasize the importance for managers to consider the particular setting of their acquisitions along with the need to clearly communicate how an acquisition fits into an overall corporate strategy, and how it is to be evaluated with respect to the competitive positioning of the firm.

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