Témata prací (Výběr práce)Témata prací (Výběr práce)(verze: 384)
Detail práce
   Přihlásit přes CAS
Analysis of Effects of the European Monetary Union on Merger and Acquisition Activity in Europe
Název práce v češtině: Analýza vlivů Evropské měnové unie na aktivitu fúzí a akvizic v Evropě
Název v anglickém jazyce: Analysis of Effects of the European Monetary Union on Merger and Acquisition Activity in Europe
Klíčová slova: fúze a akvizice, M&A, M&A aktivita, přeshraniční fúze a akvizice, euro, Evropská měnová unie, měnové unie
Klíčová slova anglicky: mergers and acquisitions, takeovers, M&A activity, cross-border M&A, euro, European Monetary Union, currency unions
Akademický rok vypsání: 2019/2020
Typ práce: bakalářská práce
Jazyk práce: angličtina
Ústav: Institut ekonomických studií (23-IES)
Vedoucí / školitel: doc. Bc. Jiří Novák, M.Sc., Ph.D.
Řešitel: skrytý - zadáno vedoucím/školitelem
Datum přihlášení: 06.05.2020
Datum zadání: 06.05.2020
Datum a čas obhajoby: 09.06.2021 09:00
Datum odevzdání elektronické podoby:04.05.2021
Datum proběhlé obhajoby: 09.06.2021
Oponenti: Mgr. Lenka Nechvátalová
 
 
 
Kontrola URKUND:
Seznam odborné literatury
Andrade, Gregor, Mark Mitchell, and Erik Stafford. 2001. “New Evidence and Perspectives on Mergers.” Journal of Economic Perspectives 15 (2), 103–20.

Antunes, João. 2017. “The Macroeconomic Determinants of M&A Activity in the United Kingdom.”

Barrell, Ray, Sylvia Gottschalk, Dawn Holland, Ehsan Khoman, and Iana Liadze, eds. 2008. The Impact of EMU on Growth and Employment. Brussels: Office for Infrastructures and Logistics.

Benzing, Cynthia. 1991. “The Determinants of Aggregate-Merger Activity—Before and after Celler-Kefauver.” Review of Industrial Organization 6 (1), 61–72.

Bianchi, Daniele and Carlo Chiarella. 2019. “An Anatomy of Industry Merger Waves.” Journal of Financial Econometrics 17 (2), 153–79.

Brealey, Richard A., Stewart C. Myers, and Franklin Allen. 2011. Principles of Corporate Finance. 10th ed. New York: McGraw-Hill/Irwin.

Brouwer, Jelle, Richard Paap, and Jean-Marie Viaene. 2008. “The Trade and FDI Effects of EMU Enlargement.” Journal of International Money and Finance 27 (2), 188–208.

Campa, José M. and Caterina Moschieri. 2011. “THE EUROPEAN M&A INDUSTRY: TRENDS, PATTERNS AND SHORTCOMINGS.” 48.

Choi, Seung Hee and Bang Nam Jeon. 2011. “The Impact of the Macroeconomic Environment on Merger Activity: Evidence from US Time-Series Data.” Applied Financial Economics 21 (4), 233–49.

Coeurdacier, Nicolas, Roberto A. De Santis, and Antonin Aviat. 2009. “Cross-Border Mergers and Acquisitions and European Integration.” Economic Policy 24 (57), 56–106.

Dailami, Mansoor, Sergio Kurlat, and Jamus Jerome Lim. 2016. “Bilateral M&A Activity from the Global South.” 28.

Erel, Isil, Rose C. Liao, and Michael S. Weisbach. 2012. “Determinants of Cross-Border Mergers and Acquisitions.” The Journal of Finance 67 (3), 1045–82.

Fernandez, Cristina and Pilar Garcia-Perea. 2015. “The Impact of the Euro on Euro Area GDP Per Capita.” SSRN Electronic Journal.

Flam, Harry. 2007. “The Euro and Single Market Impact on Trade and FDI.” ResearchGate.

di Giovanni, Julian. 2005. “What Drives Capital Flows? The Case of Cross-Border M&A Activity and Financial Deepening.” Journal of International Economics 65 (1), 127–49.

Golbe, Devra L. and Lawrence J. White. 1993. “Catch a Wave: The Time Series Behavior of Mergers.” The Review of Economics and Statistics 75 (3), 493–99.

Gorton, Gary, Matthias Kahl, and Richard J. Rosen. 2009. “Eat or Be Eaten: A Theory of Mergers and Firm Size.” The Journal of Finance 64 (3), 1291–1344.

Gregoriou, Greg N. and Luc Renneboog. 2007. International Mergers and Acquisitions Activity Since 1990: Recent Research and Quantitative Analysis. Elsevier.

Harford, Jarrad. 2005. “What Drives Merger Waves?” Journal of Financial Economics 77 (3), 529–60.

Head, Keith and John Ries. 2008. “FDI as an Outcome of the Market for Corporate Control: Theory and Evidence.” Journal of International Economics 74 (1), 2–20.

Hodgkinson, Lynn and Graham H. Partington. 2008. “The Motivation for Takeovers in the UK.” Journal of Business Finance & Accounting 35 (1–2), 102–26.

Linn, Scott C. and Zhen Zhu. 1997. “Aggregate Merger Activity: New Evidence on the Wave Hypothesis.” Southern Economic Journal 64 (1), 130–46.

Martynova, M. and L. D. R. Renneboog. 2006. “Mergers and Acquisitions in Europe.” CentER Discussion Paper 6.

Mitchell, Mark L. and J. Harold Mulherin. 1996. “The Impact of Industry Shocks on Takeover and Restructuring Activity.” Journal of Financial Economics 41 (2), 193–229.

Neary, J. Peter. 2007. “Cross-Border Mergers as Instruments of Comparative Advantage.” The Review of Economic Studies 74 (4), 1229–57.

Olden, Andreas and Jarle Møen. 2020. The Triple Difference Estimator. Rochester, NY: Social Science Research Network.

Perry, Mark J. 2017. “Fortune 500 Firms 1955 v. 2017: Only 60 Remain, Thanks to the Creative Destruction That Fuels Economic Prosperity.” American Enterprise Institute - AEI.

Petroulas, Pavlos. 2007. “The Effect of the Euro on Foreign Direct Investment.” European Economic Review 51 (6), 1468–91.

Roll, Richard. 1986. “The Hubris Hypothesis of Corporate Takeovers.” The Journal of Business 59 (2), 197–216.

Sedláček, Jaroslav, Eva Hýblová, and Zuzana Křížová. 2011. ANALYSIS OF MERGER PROCESS IN THE CONDITIONS OF THE CZECH LEGISLATION. UTB FAME.

Sedláček, Jaroslav, Zuzana Křížová, and Eva Hýblová. 2014. “Development of Mergers and Acquisitions in the Conditions of the Czech Economy 2001–2010.” Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
59 (7), 337–46.

Shen, Chung-Hua, Shyh-Wei Chen, and Mei-Rong Lin. 2008. “Common Wave Behavior for Mergers and Acquisitions in OECD Countries? A Unique Analysis Using New Markov Switching Panel Model Approach.” Economics Bulletin 7 (8), 1–12.

de Sousa, José and Julie Lochard. 2011. “Does the Single Currency Affect Foreign Direct Investment?*.” The Scandinavian Journal of Economics 113 (3), 553–78.

Thanos, Ioannis and Vassilis Papadakis. 2012. “The Use of Accounting-Based Measures in Measuring M&A Performance: A Review of Five Decades of Research.” Advances in Mergers and Acquisitions 10, 103–20.

Very, Philippe, Emmanuel Metais, Serigne Lo, and Pierre-Guy Hourquet. 2012. “Can We Predict M&A Activity?” Pp. 1–35 in Advances in Mergers and Acquisitions, vol. 11. Emerald Group Publishing.

Wooldridge, J. M. and G. W. Imbens. 2007. “What’s New in Econometrics? Lecture 10, Difference-in-Difference Estimation.”
Předběžná náplň práce
Cílem této práce je, zaprvé analyzovat vliv vzniku Evropské měnové unie na přeshraniční aktivitu fúzí a akvizic v Evropě, zadruhé prověřit, jestli vstup do EMU po jejím vzniku vyústil ve vyšší M&A aktivitu. Náš výzkum využívá metodologie difference-in-differences a difference in difference in differences, jež spočívají ve srovnání M&A aktivity v zemích, které do EMU nově přistoupily, s M&A aktivitou v kontrolní skupině, která následovala s M&A aktivitou ve vstupující skupině až do roku vstoupení paralelní trend. Tyto přístupy nám umožňují zohlednit obecné trendy v M&A aktivitě specifické pro jednotlivé země a M&A vlny. Naše modely neidentifikovali žádné důkazy, že by vznik eurozóny zapříčinil vyšší M&A aktivitu mezi vstupujícími zeměmi nebo vyšší M&A aktivitu obecně. U zemí, které vstoupili do EMU až po jejím vzniku rovněž nebyl nelezen žádný efekt přijetí eura na M&A aktivitu.
Předběžná náplň práce v anglickém jazyce
The aim of this thesis is to, firstly, analyze effects of the creation of the European Monetary Union (EMU) on cross-border merger and acquisition activity in Europe, and, secondly, to investigate whether joining the EMU after it had been established results in higher M&A activity. Our research utilizes the difference-in-differences and difference in difference in differences approaches in which we compare aggregate M&A activity in new adopters of the euro to that of a control country, whose aggregate M&A activity had followed a similar trend up until the adoption. These methods allow us to account for country-specific trends in M&A activity and the for the phenomenon of M&A waves. Our results show no evidence that creation of the EMU caused higher M&A activity among the members or higher M&A activity in general. For later joiners, no evidence of higher M&A activity as a result of adopting the euro is found either.
 
Univerzita Karlova | Informační systém UK