financeФинансы: теория и практика/Finance: Theory and PracticeFinance: Theory and Practice2587-56712587-7089Financial University under The Government of Russian Federation10.26794/2587-5671-2026-30-2-1493-03finance-3518Research ArticleФОНДОВЫЕ РЫНКИSTOCK MARKETSВлияют ли объявления о частичном поглощении на фондовый рынок? Данные по химической и фармацевтической промышленности ИндииDo Partial Acquisition Announcements Affect the Stock Market? Evidence from Indian Chemical and Pharmaceutical Industryhttps://orcid.org/0009-0009-1162-4613КалияР.KaliaR.

Ручи Калия – научный сотрудник Международной школы бизнеса Amity

Нойда, Уттар-Прадеш

Ruchi Kalia — Research Scholar at Amity International Business School

Noida, Uttar Pradesh

kalia_ruchi@rediffmail.comhttps://orcid.org/0000-0002-4787-507XШриваставС.SrivastavS.

Шалини Шривастав – PhD, доцент, Колледж коммерции и финансов Amity

Большая Нойда, Уттар-Прадеш

Shalini Srivastav — PhD, Assoc. Prof., Amity College of Commerce and Finance

Greater Noida, Uttar Pradesh

shalini_15@yahoo.comhttps://orcid.org/0000-0001-9420-1871МитталР.MittalR.

Рухи Миттал – PhD, доцент, кафедра экономики, Школа открытого обучения / Кампус открытого обучения

Ruhee Mittal — PhD, Assist. Prof. at Department of Economics, School of Open Learning/Campus of Open Learning

ruhee.mittal@yahoo.comhttps://orcid.org/0000-0003-3103-6279ГуптаИ.GuptaI.

Иша Гупта – PhD, доцент

Нойда, Уттар-Прадеш

Isha Gupta — PhD, Assist. Prof.

Noida, Uttar Pradesh

ishagupta74@gmail.comУниверситет АмитиИндияAmity UniversityIndiaУниверситет ДелиИндияUniversity of DelhiIndia202529122025296164176Copyright © Калия Р., Шривастав С., Миттал Р., Гупта И., 20252025Калия Р., Шривастав С., Миттал Р., Гупта И.Kalia R., Srivastav S., Mittal R., Gupta I.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/3518

Цель исследования – выяснить, повышают ли частичные поглощения богатство акционеров компаний-покупателей в индийской химической и фармацевтической промышленности. Частичные поглощения являются уникальной формой корпоративной реструктуризации и стали выбором большинства компаний, что делает данное исследование актуальным для изучения в текущем контексте.

Задача исследования – оценить влияние объявлений о частичных поглощениях на доходность акций компаний-покупателей, зарегистрированных на индийской фондовой бирже, и проверить статистическую значимость доходности для различных событийных окон. Новизна исследования заключается в том, что в нем рассматривается влияние объявлений о частичных поглощениях на богатство акционеров фирм-покупателей в химической и фармацевтической промышленности Индии.

Используется методология событийного исследования с различными окнами событий, а также параметрические и непараметрические тесты для проверки статистической значимости доходности.

Результаты исследования показывают, что объявления о частичных поглощениях вызывают положительную реакцию в более коротких окнах событий (–1, 0), (0, +1) и (–1, +1), но эта реакция носит временный характер и быстро размывается в более длинном окне событий (–10, +10).

Таким образом, исследование позволило сделать вывод о том, что акционеры могут получить значительную прибыль в более коротком окне событий, связанных с объявлением о частичных поглощениях. Результаты исследования полезны для различных заинтересованных сторон, включая акционеров, инвесторов и менеджеров компаний выбранных отраслей, для принятия ими решений при частичных поглощениях.

The purpose of the study is to find out whether partial acquisitions enhance the shareholders’ wealth of the acquiring firms in the Indian chemical and pharmaceutical industry. Partial acquisitions are the unique form of corporate restructuring and have become the choice of most companies, which makes this study relevant to explore in the current context. The objective of the study is to evaluate the impact of partial acquisition announcements on the stock price return of the acquiring companies listed on the Indian Stock Exchange and test the statistical significance of the returns for different event windows. The novelty of the study is that it examines the announcement effects of partial acquisitions on the shareholders’ wealth of acquiring firms in the Indian chemical and pharmaceutical industry. Event Study Methodology is used with different event windows along with parametric and non-parametric tests to verify the statistical significance of returns. The research results shows that the announcements of partial acquisitions generate positive reaction in the shorter event windows of (–1, 0), (0, +1) and (–1, +1) but this reaction is only temporary and quickly diluted over the longer event window of (–10, +10). Hence, the study concluded that the shareholders can have a significant return in a shorter event window around the announcements of partial acquisitions. The results of the study are useful for various stakeholders including shareholders, investors, and managers of the companies of the selected industries in their decision-making during partial acquisitions.

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