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Archive » March 2016 » Corporate acquisitions of newly listed companies: the Italian evidence

Corporate acquisitions of newly listed companies: the Italian evidence

Matteo Bonaventura, Giancarlo Giudici
March 2016 - n. 3
Jel codes: G30, G34, G32

The article analyzes the mergers and acquisitions operations realized by the new listed firms in the Italian Stock Exchange over the 1997-2013 period. Results show that after the Ipo the probability of experiencing an M&A is higher for firms already active in M&A before being listed, when the weight of new shares issued is relevant and when the share of institutional investors involved in the book building is higher. The performance analysis does not show significant differences in return between acquiring and not acquiring firms, while the returns are lower for those experiencing an M&A activity. Results support the hypothesis of the window of opportunity for the Italian Ipo market.

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