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.

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

The USS Valuation: Carry on with the Status Quo, or Remove Almost All Risk for the Employers and Make Pensions a Worse Deal for Members?

9 October 2017
In July 2017 the press was full of the news that in March 2017 the defined benefit section of USS (the retirement income builder) had a deficit of £17.5 billion. This number was computed according to the rules for company accounts, and is not used by either the regulators or USS.

Outstanding academic achievement awards 2014

23 July 2014
Following the Graduation Ceremony on Thursday 10th July 2014, ICMA Centre students were rewarded for their effort and performance and congratulated by their peers and staff at the Graduation reception.

Curved Momentum: A new trading strategy for commodity futures

26 January 2018
Momentum trading is a popular strategy in the commodity futures markets. The idea is simple. Suppose that an investor wants to invest in the first nearby contract of several commodity markets, e.g. crude oil, live cattle and gold. At the end of each month, the trader ranks these assets according to their past return performance, observed over a measurement period of 12 months for example, from the top performing asset to the bottom performing asset. The investor opens a long position in the first nearby of the markets that performed well and a short position in the first nearby of the markets that underperformed. These positions are held throughout the next month. This strategy has performed historically well historically and has attracted the interest of investors.