Do Mergers and Acquisitions Add Shareholder Value - An Empirical Event Study of the American and European Airline Industries
This study investigates and compares the value added by merger and acquisition activity within the airline industries of the United States of America and Europe following the deregulation of each respective market. An abnormal return event study methodology was performed with three different event window lengths using a final sample of 64 public airline mergers. The focus of the study was on abnor