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Merger and acquisition activities in...

Chatfield, Hyun Kyung.

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Merger and acquisition activities in the hospitality industry.

紀錄類型:	書目-語言資料,印刷品 : Monograph/item
正題名/作者:	Merger and acquisition activities in the hospitality industry./
作者:	Chatfield, Hyun Kyung.
面頁冊數:	187 p.
附註:	Adviser: Michael Dalbor.
Contained By:	Dissertation Abstracts International67-07A.
標題:	Business Administration, Management. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3226610
ISBN:	9780542798436

Merger and acquisition activities in the hospitality industry.
Chatfield, Hyun Kyung.

Merger and acquisition activities in the hospitality industry. - 187 p.

Adviser: Michael Dalbor.

Thesis (Ph.D.)--University of Nevada, Las Vegas, 2006.

The overall findings are mixed. Some results are consistent with previous studies. For instance, hospitality targets enjoy significantly positive returns. The target returns from both tender offers and mergers are significantly positive.

ISBN: 9780542798436Subjects--Topical Terms:

626628
Business Administration, Management.

Merger and acquisition activities in the hospitality industry.
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100 1 $a Chatfield, Hyun Kyung. $3 1297136
245 1 0 $a Merger and acquisition activities in the hospitality industry.
300 $a 187 p.
500 $a Adviser: Michael Dalbor.
500 $a Source: Dissertation Abstracts International, Volume: 67-07, Section: A, page: 2690.
502 $a Thesis (Ph.D.)--University of Nevada, Las Vegas, 2006.
520 $a The overall findings are mixed. Some results are consistent with previous studies. For instance, hospitality targets enjoy significantly positive returns. The target returns from both tender offers and mergers are significantly positive.
520 $a This study provides a comprehensive study of hospitality mergers and acquisitions (M&As) for the period between 1985 and 2004. The cumulative abnormal returns (CARs) for hospitality target and acquiring firms around the announcement of M&As are analyzed. The focus is on the returns of target and acquiring firms, as well as returns by three different hospitality industry segments (hotel, restaurant and gaming), by nature of acquisition, and by method of payment. In addition, it examines the influence of REIT and public status on the CARs of M&A participants.
520 $a This study finds hospitality bidder returns are slightly positive and significant. This is consistent with the synergy motive for M&As. Also bidder returns to cash offers are higher than those of stock offers supporting information asymmetry and signaling theories.
520 $a Unlike previous studies, target returns to stock offers are higher than cash offers. Most previous studies found target returns to cash offers are higher than stock offers. This is an indication of possible characteristics unique to the hospitality industry.
520 $a Bidder returns from mergers are slightly positive; however, those of tender offers are not significantly different from zero which is contrary to previous studies showing bidder returns are generally higher in tender offers than mergers. Unlike previous studies, there is no association found between method of payment and nature of acquisition. The results suggest bidder returns are more likely to be positive with mergers using cash offers. This indicates the market reacted positively and expected synergy from friendly mergers.
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