Verma Shubham Kumar, Kumar Satish
University School of Management, Gautam Buddha University, Greater Noida, Uttar Pradesh 201312 India.
Eur Phys J Spec Top. 2023 May 31:1-11. doi: 10.1140/epjs/s11734-023-00863-z.
This study focuses on the short-run wealth of listed firms' shareholders. Currently, all of the resulting organizations offer competitive pricing tactics to create a superior environment for our ongoing establishment. Some time ago, it was noted that a merger occurred, although some functions and technology integration remained with the previous structure. In this paper, it has been discovered that merger and acquisition deals have an impact on the firm's value; in other words, we can view it as shareholders' wealth or unit depending on the stock price after the announcement of merger and acquisition deals in the short term. Furthermore, we focused on influencing variables on stock prices after the announcement of merger and acquisition transactions, which is measured as a percentage change in the stock prices of the listed resulting firms. Furthermore, this research is based on secondary data sources from reputable organizations. It primarily uses the NSE database and website to evaluate announcements and stock prices of the twenty-nine publicly traded companies. Markets respond to investors' emotions and market expertise. When acquirers have a strong market position, market capitalization rises in other segments. However, it is declining due to a lack of supportive finances. To determine the impact of merger and acquisition announcement deals on stock price changes, average abnormal return and cumulative average abnormal return with the capital asset pricing model (CAPM) (CAPM reaction to changes) were used to identify the acquiring company's stock price reaction. We investigated its impact on the fluctuation of share prices posted on stock exchanges using fractal interpolation functions. This is due to greater investment by acquirer businesses in target companies as well as investor expectations for specific stock market strongholds.
本研究聚焦于上市公司股东的短期财富。目前，所有由此产生的组织都提供具有竞争力的定价策略，以营造一个优越的环境来推动我们正在进行的机构建设。不久前，有人指出发生了一次合并，尽管一些职能和技术整合仍保留在前一结构中。在本文中，已发现并购交易对公司价值有影响；换句话说，在短期内，根据并购交易公告后的股价，我们可以将其视为股东财富或单位。此外，我们关注并购交易公告后影响股价的变量，这通过上市后公司股价的百分比变化来衡量。此外，本研究基于来自知名机构的二手数据源。它主要使用印度国家证券交易所（NSE）数据库和网站来评估29家上市公司的公告和股价。市场对投资者情绪和市场专业知识会做出反应。当收购方拥有强大的市场地位时，其他板块的市值会上升。然而，由于缺乏支持性资金，市值正在下降。为了确定并购公告交易对股价变化的影响，使用平均异常回报率和资本资产定价模型（CAPM）（CAPM对变化的反应）的累积平均异常回报率来识别收购公司的股价反应。我们使用分形插值函数研究了其对证券交易所公布的股价波动的影响。这是由于收购企业对目标公司的投资增加以及投资者对特定股票市场据点的预期所致。
