How do the share prices of US-listed companies react to M&A announcements over the period 2020–2025?
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- This thesis analyses the stock market reaction of US-listed acquiring firms following the announcement of mergers and acquisitions over the period 2020–2025. The study, based on an event-driven analysis methodology applied to approximately 2600 transactions, aims to determine whether these announcements trigger a significant short-term market reaction. The results show an immediate positive reaction around the announcement date. The analysis also distinguishes transactions according to their financing method, notably cash, share or mixed payments. The descriptive results suggest certain differences between these groups, but a supplementary regression shows that these differences are not statistically significant. The thesis interprets these results in the light of the specific macroeconomic context of the 2020–2025 period.