Do Mergers and Acquisitions Create Value for Acquirers? Short- and Long-Term Event Study on the Pharmaceutical Industry of Europe
In this thesis, the short- and long-term event study methodology are applied in order to assess whether M&As, in the pharmaceutical industry, create any abnormal return for the acquirer. The majority of the previous research finds a negative abnormal return but the short-term event study seems to generate slightly positive abnormal returns outside the U.S. There is a limited amount of research