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Merger Activity and Short-Run Financial Performance in the US Airline Industry
| 题名： | Merger Activity and Short-Run Financial Performance in the US Airline Industry |
| 其他题名： | Agrawal,A.,J.F.Jaffe,and G.N.Mandelker.1992."The Post-merger Performance of Acquiring Firms:A Reexamination of An Anomaly."Journal of Finance 47(4):1605-21. |
| 正文语种： | 英文 |
| 作者： | Wilfred S. Manuela |
| 关键词： | Airline mergers;event study;abnormal returns |
| 摘要： | This article examines the announcement and post-merger effects of three US airline mergers—America West and US Airways, Delta and Northwest, and United and Continental. The time series data consist of daily and cumulative abnormal returns using the Standard and Poor's 500 as the benchmark index. The event study methodology uses ±60 trading days around the announcement and merger dates. The share prices of United and America West increased while Delta's decreased due to the slowing US economy at the time of its merger with Northwest. The impact of the merger announcement on target airlines is positive except for Northwest due to the weakening demand for air transport as the US economy faltered at the time of its merger with Delta. The share prices of acquiring and target airlines increased around the merger completion date, suggesting that new information is available as the merger nears completion. |
| 出版年： | 2014 |
| 论文唯一标识： | T-83Y2014V53N03006 |
| 英文栏目名称： | Articles |
| 期刊名称： | Transportation Journal |
| 拼音刊名(出版物代码)： | T-83 |
| 卷： | 53 |
| 期： | 03 |
| 页码： | 345-375 |
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