{ "item_title" : "The Measurement of Post Deal Performance. An Empirical Analysis of European M&A Transactions", "item_author" : [" Tim Ulbricht "], "item_description" : "Bachelor Thesis from the year 2018 in the subject Business economics - Investment and Finance, grade: 1,3, LMU Munich (Institut f r Rechnungswesen und Wirtschaftspr fung), language: English, abstract: There are several studies that showed that on average 50% of all M&A deals lead to a failure. There are some explanations for the high rate of failures in empirical research, e.g. hubris which is the overconfidence of the management as first mentioned by Roll or managerialism. Still M&A transactions take place frequently and shareholders do not prohibit them. Cartwright & Schoenberg suggest that this unchanged acceptance of shareholders for M&A activities exists because there are some synergies or gains, but the measures used in research do not acknowledge them properly. They state that in a market environment such inefficiencies (value destroying M&A transaction) are hard to believe. I want to contribute to this debate by identifying, describing and finally analyzing several measures that are used in research and apply them on the same sample. According to Thanos & Papadakis the used measure in a study seems to highly influence the outcome. They found that return on assets (ROA) measures often lead to a negative outcome while cash flow measures often lead to a positive outcome. They state that the usage of several measures in the same study could lead to more robust results. There are a lot of different measures used to analyze M&A performance. Meglio & Risberg divide these measures into a financial domain including measures for market performance and measures for accounting performance and a non-financial domain including measures for operational performance and measures for overall performance. In my empirical analysis I will focus on accounting and market measures due to data availability. The accounting measures can be separated into three major categories: ratios, growth measures and operating cash flows. I will start with a literature review to examine what", "item_img_path" : "https://covers1.booksamillion.com/covers/bam/3/34/616/274/3346162745_b.jpg", "price_data" : { "retail_price" : "39.50", "online_price" : "39.50", "our_price" : "39.50", "club_price" : "39.50", "savings_pct" : "0", "savings_amt" : "0.00", "club_savings_pct" : "0", "club_savings_amt" : "0.00", "discount_pct" : "10", "store_price" : "" } }

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