Влияют ли объявления о частичном поглощении на фондовый рынок? Данные по химической и фармацевтической промышленности Индии

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.

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