alexa Abnormal Returns to Shareholders of MandA Participating Firms: Evidence from the Kuwaiti Stock Market | OMICS International | Abstract
ISSN: 2167-0234

Journal of Business & Financial Affairs
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Research Article

Abnormal Returns to Shareholders of M&A Participating Firms: Evidence from the Kuwaiti Stock Market

Mohammed Tarabay1* and Jamil Hammoud2

1American College of the Middle East, Kuwait City, Kuwait

2Rafik Hariri University, Mechref, Lebanon

*Corresponding Author:
Mohammed Tarabay
Assistant Professor
American College of the Middle East
Kuwait City, Kuwait
Tel: 0096599935995
E-mail: [email protected]

Received Date: March 31, 2017; Accepted Date: April 13, 2017; Published Date: April 23, 2017

Citation: Tarabay M, Hammoud J (2017) Abnormal Returns to Shareholders of M&A Participating Firms: Evidence from the Kuwaiti Stock Market. J Bus Fin Aff 6: 259. doi: 10.4172/2167-0234.1000259

Copyright: © 2017 Tarabay M, et al. This is an open-access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.

Abstract

Mergers and Acquisitions (M&A) continue to occur in the world of business, albeit in waves similar to cycles. As such, M&A have remained a research interest for academics as well as practitioners. While there is convergence among researchers toward finding positive abnormal returns accrued to target firm shareholders, returns to shareholders of acquiring firms remain a question of debate and conflicting evidence. This study attempts to examine the wealth effects of acquisitions in the Kuwaiti economy for the shareholders of both, acquiring and target firms, during the period of 2004-2009. The event study methodology is used to examine whether there were positive or negative returns accruing to the shareholders of the participating firms around the announcement of the acquisition in the cases of 43 acquiring firms and 30 target firms.

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