Effects of payment methods on shareholder’s wealth and the determinants of payment choices
This study utilized the empirical methodologies to examine the impacts of M&A on shareholder wealth, and determinants of payment choices in M&A deals. The sample is of 338 M&A from 2006 to 2016 by Asia-Pacific listed firms who have successfully completed the transactions. Majority of...
| Main Author: | |
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| Format: | Dissertation (University of Nottingham only) |
| Language: | English |
| Published: |
2016
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| Online Access: | https://eprints.nottingham.ac.uk/36591/ |
| _version_ | 1848795310174765056 |
|---|---|
| author | Tiansheng, Zhu |
| author_facet | Tiansheng, Zhu |
| author_sort | Tiansheng, Zhu |
| building | Nottingham Research Data Repository |
| collection | Online Access |
| description | This study utilized the empirical methodologies to examine the impacts of M&A on shareholder wealth, and determinants of payment choices in M&A deals. The sample is of 338 M&A from 2006 to 2016 by Asia-Pacific listed firms who have successfully completed the transactions.
Majority of previous studies were investigating the western developed markets, such as the US and Western Europe markets. However, only a few studies paid attention to the other markets, such as the Asia-Pacific markets, where includes both of developed and developing markets. As the M&A transaction volume increased rapidly in Asia-Pacific markets in these decades, it begs the question of whether the results found in the western developed markets are still applicable to the Asia-Pacific markets.
Overall, the empirical results in this paper are consist with previous studies. The acquiring shareholders enable to obtain a significant positive return around the announcement date in Asia-Pacific markets. However, in contrast with majority previous researches, equity-involved offer could earn a higher abnormal return than cash deal in Asia-Pacific markets. Moreover, by employing Logit regression and Ordered Probit regression, the evidences show that acquirer’s choice of payments are depend on some particular factors. |
| first_indexed | 2025-11-14T19:30:03Z |
| format | Dissertation (University of Nottingham only) |
| id | nottingham-36591 |
| institution | University of Nottingham Malaysia Campus |
| institution_category | Local University |
| language | English |
| last_indexed | 2025-11-14T19:30:03Z |
| publishDate | 2016 |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | nottingham-365912017-10-19T17:03:07Z https://eprints.nottingham.ac.uk/36591/ Effects of payment methods on shareholder’s wealth and the determinants of payment choices Tiansheng, Zhu This study utilized the empirical methodologies to examine the impacts of M&A on shareholder wealth, and determinants of payment choices in M&A deals. The sample is of 338 M&A from 2006 to 2016 by Asia-Pacific listed firms who have successfully completed the transactions. Majority of previous studies were investigating the western developed markets, such as the US and Western Europe markets. However, only a few studies paid attention to the other markets, such as the Asia-Pacific markets, where includes both of developed and developing markets. As the M&A transaction volume increased rapidly in Asia-Pacific markets in these decades, it begs the question of whether the results found in the western developed markets are still applicable to the Asia-Pacific markets. Overall, the empirical results in this paper are consist with previous studies. The acquiring shareholders enable to obtain a significant positive return around the announcement date in Asia-Pacific markets. However, in contrast with majority previous researches, equity-involved offer could earn a higher abnormal return than cash deal in Asia-Pacific markets. Moreover, by employing Logit regression and Ordered Probit regression, the evidences show that acquirer’s choice of payments are depend on some particular factors. 2016-09-14 Dissertation (University of Nottingham only) NonPeerReviewed application/pdf en https://eprints.nottingham.ac.uk/36591/1/Dissertation-final%20draft.pdf Tiansheng, Zhu (2016) Effects of payment methods on shareholder’s wealth and the determinants of payment choices. [Dissertation (University of Nottingham only)] |
| spellingShingle | Tiansheng, Zhu Effects of payment methods on shareholder’s wealth and the determinants of payment choices |
| title | Effects of payment methods on shareholder’s wealth and the determinants of payment choices |
| title_full | Effects of payment methods on shareholder’s wealth and the determinants of payment choices |
| title_fullStr | Effects of payment methods on shareholder’s wealth and the determinants of payment choices |
| title_full_unstemmed | Effects of payment methods on shareholder’s wealth and the determinants of payment choices |
| title_short | Effects of payment methods on shareholder’s wealth and the determinants of payment choices |
| title_sort | effects of payment methods on shareholder’s wealth and the determinants of payment choices |
| url | https://eprints.nottingham.ac.uk/36591/ |