Skip to main content

ICMA Centre Doctoral Researcher Heads to Portugal

ICMA Centre PhD student Christos F. Mavrovitis will be presenting a working paper in Portugal this June. Firstly, Mr. Mavrovitis will be attending the 2011 FMA Annual European Meeting in Porto on June 8 before travelling to Braga for the 2011 EFMA Annual Meeting from June 22.

He will be presenting the working paper ?How Have M&As Changed? Evidence from the Sixth Merger Wave?', which he has co-authored with ICMA Centre colleague Dr. George Alexandridis and Nickolaos G. Travlos.

Christos' MSc dissertation focused on Mergers and Acquisitions and the title of his thesis was ?M&As: A Global Study'. This current paper is a contributing factor in his continuation of his doctoral research in the area of Mergers and Acquisitions at the ICMA Centre.

Abstract for How Have M&As Changed? Evidence from the Sixth Merger Wave?

We examine the characteristics of the sixth merger wave that started in 2003 and came to an end approximately in mid-2007. The drivers of this wave lie primarily in the availability of abundant liquidity, in line with neoclassical explanations of merger waves. Acquirers were less overvalued relative to targets and merger proposals comprised higher cash elements. Moreover, the market for corporate control was less competitive, acquirers were less acquisitive, managers displayed less over-optimism and offers involved significantly lower premiums, indicating more cautious and rational acquisition decisions. Strikingly however, deals destroyed at least as much value for acquiring shareholders as in the 1990s.

The paper is available from ssrn.

Published 25 May 2011

You might also like

Industry Insights: Jean-Michel Deligny, Silverpeak - Boutique Investment Banking for Tech Firms

3 April 2019
Industry Insights - Investment Banking and Tech Firms
Industry Insights reviews

Star Finance Student Wins Hedge Fund Prize

2 November 2006

Henley Challenge 2014

20 February 2014
The Henley Challenge is an annual competition open to all students across Henley Business School, who are studying in the UK, which encourages the use of knowledge, skill and creativity. The challenge for students this year was to choose a business area studied at Henley to focus on and present to an audience of peers and academics their answer to the question: