Prediction Efficacy of Intra-group Merger and Acquisition Deals: Evidence from India
Published: 2023
Author(s) Name: Pankaj Gupta |
Author(s) Affiliation: Indian Institute of Management Amritsar, India
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Abstract
This study collects a sample of
intra-group merger and acquisition
(M&A) deals and empirically
tests whether the market
views such deals as value added
ones or tunneling deals. The initial
event study result supports
the view as they are value added
deals. A further partitioning of
the sample based on acquirer
characteristics, group affiliation
and rescue criteria, the findings
helps us to understand the prediction
efficacy of intra-group
deals. The results confirming the
value-added view are contradictory
to the return results in other
emerging economies.
Keywords: N.A.
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