CEU Electronic Theses and Dissertations, 2020
| Author | Sárkány, Attila |
|---|---|
| Title | Stock Market Returns on News: A Case Study from Hungary (2017-20) |
| Summary | Abstract This thesis examines stock price reactions to merger and acquisition (M&A) announcements in Hungary for the period of 2017 to 2020. It focusses on those stock market companies, which are closely related to Mr. Lőrinc Mészáros, namely: 4iG, Opus (Opimus), Konzum, Appeninn and CIG Pannónia. In order to examine stock market price reactions to M&A announcements, I use standard event study methodology and instead of focusing only on cumulative average abnormal returns (CAAR), I also take Forint abnormal returns into account. Due to the limited number of appropriate events, t-statistics cannot be done. Additionally, since some events have huge impact on CAAR, the aggregation can be misleading. Following this, I analyse the main events and conclude that in some cases there may be insider trading or the events could have been predicted. CAARs are positive in both targets’ and bidders’ cases, although in Forint abnormal return terms only targets’ case is positive. Keywords: Event Study, Mr. Lőrinc Mészáros, M&A |
| Supervisor | Kónya, István |
| Department | Economics MA |
| Full text | https://www.etd.ceu.edu/2020/sarkany_attila.pdf |
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