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Prediction Efficacy of Intra-group Merger and Acquisition Deals: Evidence from India

Indian Journal of Industrial Relations

Volume 59 Issue 1

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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