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An Empirical Analysis of Stock Price Reaction to M&A in Liner Shipping Companies  

Park, Seon-Na (한국해양대학교 해운경영학과)
Lee, Ki-Hwan (한국해양대학교 해운경영학과)
Publication Information
Journal of Korea Port Economic Association / v.28, no.1, 2012 , pp. 179-201 More about this Journal
Abstract
Since 1993, M&A activities have been frequent in Liner shipping market. This study examines the effect of M&A on stock price reaction for acquiring firms listed on the market. The study covers the period from 1993 to 2009 and uses 61 daily closing prices of the acquiring firms before and after the M&A announcement day and is analyzed through the market-adjusted model in an event study. After calculating short-term performance using abnormal returns(AR) and cumulative average abnormal returns(CAR) before and after 30 days from the day of event, the results on the test show that the firm's values slightly increased through the M&A, but it does not attest to the statistical significance. In addition, this study investigates the AR difference between estimating windows and post-event windows for the 3 cases of each period before and after 30 days, 15 days, and 7 days from the event day to analyse the impact of M&A on the addition of acquiring firm's value. Our findings suggest that the M&A between Liner shipping companies is targeted for the long-term business strategy instead of the instant rise in the value of the firm involved.
Keywords
Shipping; M&A; Liner Shipping; M&A effect; Stock Price Reaction;
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