RT info:eu-repo/semantics/doctoralThesis
T1 Pharmaceutical companies' stock reactions to M&A announcements and EMA regulatory decisions: a GARCH event study approach
A1 Diksaite, Loreta
K1 Industria farmacéutica
K1 Derecho comunitario
K1 Fusiones y adquisiciones de empresas
K1 Legislación sanitaria
AB The main purpose of this thesis is twofold. Firstly, we evaluate the effects of mergers and acquisitions (M&A) announcement on stock prices of pharmaceutical companies involved. Secondly, we analyse the effects of announcements of those regulatory decisions concerning marketing approvals and withdrawals adopted by the European Medicines Agency (EMA).An event study methodology was applied to analyse the effects of M&A announcements made during the period 1994-2010 and EMA regulatory decisions announced during the period 1995-2012. A market model with GARCH errors was used to estimate abnormal returns.M&A deals analysed generated a positive impact on targets, whereas negative effects were found for acquirers, merging partners and competitors. Regarding EMA effects, announcements of theCommittee for Medical Products for Human Use and the European Commission (EC) decision on drugs’ withdrawal generated positive and negative effects, respectively. No shareholders’ welfare effects, neither for MAH notification nor EC decision on drugs’ approval, were found.
YR 2016
FD 2016
LK http://riull.ull.es/xmlui/handle/915/5936
UL http://riull.ull.es/xmlui/handle/915/5936
LA en
NO Doctorado en Desarrollo Regional, Formación y Empleo
DS Repositorio institucional de la Universidad de La Laguna
RD 18-dic-2024