Leonardo Zorza
Assessing Value Creation in Italian M&A Transactions: A Regression Analysis and Event Study Approach.
Rel. Enrico Luciano, Francesco Luigi Milone. Politecnico di Torino, Master of science program in Engineering And Management, 2024
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Abstract
Mergers and Acquisitions (M&A) play a crucial role in reshaping the corporate environment and driving strategic growth across various industries. In recent decades, M&A activity has become increasingly prevalent, with companies leveraging these transactions to achieve synergies, expand market presence, achieve long-term growth objectives and enhance shareholder value. Despite the potential strategic benefits and value creation opportunities associated with M&A transactions, they are not without challenges and risks and it is common to see examples of M&A deals leading to a loss of value for shareholders. Understanding the dynamics, drivers, and outcomes of M&A transactions is therefore essential for stakeholders, including investors, managers, policymakers, and academics.
This master's thesis aims to analyse the value creation potential of M&A transactions within the peculiar context of the Italian market, characterized by the preference of companies for the debt market and the presence of small-sized transactions focused mostly on the mid-market
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