financeФинансы: теория и практика/Finance: Theory and PracticeFinance: Theory and Practice2587-56712587-7089Financial University under The Government of Russian Federation10.26794/2587-5671-2022-26-5-149-157finance-1811Research ArticleКОРПОРАТИВНЫЕ ФИНАНСЫCORPORATE FINANCEРеакция акционеров на объявление о слиянии и поглощении: на примере компаний обрабатывающей промышленности ИндииShareholder’s reaction to Merger and acquisition announcement: evidence from india’s Manufacturing sectorhttps://orcid.org/0000-0003-3103-6279ГуптаИ.GuptaI.

Иша Гупта —  научный сотрудник колледжа коммерции и финансов Амити

Нойда

Isha Gupta — R esearch Scholar at Amity College of Commerce and Finance

Noida

ishagupta74@gmail.comhttps://orcid.org/0000-0002-4335-3450РаманТ. В.RamanT. V.

Таникелла Венката Раман —  MBA и доктор в области управления, профессор, заведующий кафедрой бухгалтерского учета и финансов, Бизнес-школа Амити

Нойда

Thanikella V. Raman —  MBA, PhD in Management, Prof., Head of Department of Accounting and Finance, Amity Business School

Noida

tvraman@amity.eduУниверситет Амити Уттар ПрадешИндияAmity University Uttar Pradesh (AUUP)India202208112022265149157Copyright © Гупта И., Раман Т.В., 20222022Гупта И., Раман Т.В.Gupta I., Raman T.V.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://financetp.fa.ru/jour/article/view/1811

Эффективность слияний и поглощений сродни финансовой загадке, которую пытаются разрешить исследователи.

Цель исследования —  изучить реакцию акционеров на объявление о слияниях и поглощениях в преддверии события, во время него и после события в индийских компаниях обрабатывающей промышленности.

Для анализа использовался метод событийного анализа, а также параметрические и непараметрические тесты. Исследование показало, что инвесторы могут получить значительную прибыль, если купят акции поглощающей компании за день до и продадут их через день после дня объявления о слиянии или поглощении.

Результаты исследования позволили сделать вывод: хотя объявление о слиянии или поглощении вызывает положительную реакцию, она носит временный характер и быстро ослабевает. Это свидетельствует о том, что инвесторы изначально слишком остро отреагировали на эти объявления и немедленно предприняли меры по исправлению положения. Авторы рекомендуют инвесторам: «Чем раньше акционеры продают, тем больше выигрывают».

Mergers and acquisitions performance is akin to financial perplex that researchers have been trying to solve. The objective of the study is to examine the reaction of shareholders to the announcement of mergers and acquisitions in the pre-event, around the event and during the post-event period of the Indian manufacturing firms. The event study research methodology has been used for analysis along with parametric and non-parametric tests. The study shows that investors can earn a significant return if they purchase shares of the acquiring company one day before and sell them one day after the announcement day. The findings concluded that while the announcement of a merger or acquisition generates a positive reaction, this reaction is only temporary and is swiftly diluted. This shows that investors initially overreacted to these announcements and took immediate corrective action. The study recommends to investors, “Earlier the shareholders sell, more the shareholders gains”.

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The authors declare that there are no conflicts of interest present.