Buch, Englisch, 25 Seiten, Format (B × H): 148 mm x 210 mm
Buch, Englisch, 25 Seiten, Format (B × H): 148 mm x 210 mm
ISBN: 978-3-949224-06-5
Verlag: Universität Bamberg Fachgruppe VWL
We examine the macroeconomic determinants of mergers and acquisitions (M&A) using panel
data over 2006:Q1 - 2022:Q2 for 21 European Union (EU) countries. Across di§erent model
speciÖcations we Önd that bond yields and past real GDP growth are robust quantitatively and
statistically significant determinants of M&A even after controlling for ináation and short-term
global financial uncertainty. Additionally, we investigate the effect of the earnings before interest,
taxes, depreciation and amortization multiple as an additional explanatory variable. A crucial
novelty of our study is that bond yields reduce M&A activity because other investors are shifting
their portfolios out of bonds and into riskier assets such as equities. We denote this as a ìperverse
valuation effectîmaking M&A more expensive. This interpretation and channel is unique to our
study
Röhrer / Proaño / Mateane
The Impact of Macroeconomic Activity and Yield Valuation on Mergers and Acquisitions in Europe jetzt bestellen!
data over 2006:Q1 - 2022:Q2 for 21 European Union (EU) countries. Across di§erent model
speciÖcations we Önd that bond yields and past real GDP growth are robust quantitatively and
statistically significant determinants of M&A even after controlling for ináation and short-term
global financial uncertainty. Additionally, we investigate the effect of the earnings before interest,
taxes, depreciation and amortization multiple as an additional explanatory variable. A crucial
novelty of our study is that bond yields reduce M&A activity because other investors are shifting
their portfolios out of bonds and into riskier assets such as equities. We denote this as a ìperverse
valuation effectîmaking M&A more expensive. This interpretation and channel is unique to our
study
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