Master Thesis Online
Research-Thesis: Good News for Acquirer Shareholders? The Finnish Stock Market's Short-Term Reactions to M&A Announcements.
Myllys, Rasmus Eemil Antero 
Promotor(s) :
Lambert, Marie
Date of defense : 19-Jun-2026/23-Jun-2026 • Permalink : http://hdl.handle.net/2268.2/25771
Details
| Title : | Research-Thesis: Good News for Acquirer Shareholders? The Finnish Stock Market's Short-Term Reactions to M&A Announcements. |
| Author : | Myllys, Rasmus Eemil Antero
|
| Date of defense : | 19-Jun-2026/23-Jun-2026 |
| Advisor(s) : | Lambert, Marie
|
| Committee's member(s) : | Ruman, Asif |
| Language : | English |
| Keywords : | [en] Mergers and Acquisitions [en] Stock Market Returns [en] Finnish Stock Market [en] Announcement Effects [en] Acquirer Returns [en] Short-Term Stock Reactions |
| Discipline(s) : | Business & economic sciences > Finance |
| Institution(s) : | Université de Liège, Liège, Belgique |
| Degree: | Master en sciences de gestion, à finalité spécialisée en Banking and Asset Management |
| Faculty: | Master thesis of the HEC-Ecole de gestion de l'Université de Liège |
Abstract
[en] This thesis examines short-term stock market reactions to M&A announcements by Finnish listed acquiring firms. Using an event study approach, the study estimates abnormal returns around announcement dates to assess whether acquisitions create shareholder value for acquirer shareholders. The sample consists of completed acquisitions announced between 2010 and 2023. Daily stock returns are compared with the OMX Helsinki market index using the market model, and the results are analysed through AAR and CAAR measures across selected event windows. The thesis also considers whether market reactions differ by deal characteristics, including payment method, cross-border status and industry relatedness.
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