A Comparative Abnormal Return Analysis of Mergers and Acquisitions in the Emerging Markets

Financial crisis originated in developed countries in 2008 and has affected M&A activities worldwide. This impact may have irreversible results in emerging market economies. This study aims to examine the spillover effects of 2008 economic crisis, started in developed countries, in emerging markets. In this manner, we have analyzed M&A activities from the acquirer firms’ side in BRICS-T countries (namely, Brazil, Russia, India, China, South Africa, and Turkey) for banking industries in pre-and postcrisis periods so that effects of economic crisis can be captured. Significant transactions over $100 million are included in the analysis. Event study methodology, which uses daily market index returns, daily stock returns, and M&A announcement dates to calculate abnormal returns, is employed for the analysis. The cumulative abnormal returns (CARs) are calculated for September 2003–November 2008 (precrisis period) and November 2008–December 2013 (postcrisis) periods. In conclusion there are negative mean CARs in Brazil, India, and Russia, while there are positive mean CARs in China, South Africa, and Turkey in precrisis period. In addition, there are negative mean CARs in South Africa, Brazil, and China, while there are positive mean CARs in Russia, Turkey, and India in postcrisis period

ENERGY EFFICIENCY ANALYSIS FOR THE EUROPEAN COUNTRIES

Abstract The energy sector receives considerable attention from both developed and developing countries. European countries, i

ENERGY EFFICIENCY ANALYSIS FOR THE EUROPEAN COUNTRIES

The energy sector receives considerable attention from both developed and developing countries. European countries, in addition to the fossil energy resources, are dependent on external energy resources, which pose a threat, as well. In addition, energy efficiency has played a significant role in the European countries’ economic growth, policy and export. Data envelopment analysis (DEA), a popular and useful mathematical method for decision makers, is used to analyze the efficiency levels of the decision-making units. The goal of this empirical study is to make a comparative energy efficiency analysis for the European countries. On the basis of the DEA analyses, CCR and BCC approaches have been applied to the European energy sector for the period of 2011-2012. In this regard, we have established an efficiency model that includes employment, the gross fixed capital formation (GFCF) and the primary energy consumption as the inputs, and gross domestic product (GDP) has been selected as the output. According to our results, Denmark, Ireland and Norway have demonstrated full efficiency for each year. In addition, the average efficiency scores in 2012 for the European countries have been demonstrated to be higher than those of 2011. We can conclude that the DEA technique could offer significant results to the analysis of the energy efficiency levels for the European countries

AN EFFICIENCY ANALYSIS FOR THE EUROPEAN TELECOMMUNICATION SECTOR

The telecommunication sector has gained a significant role within the global economy in the past two decades. Its production and revenue efficiencies have played a crucial role in countries’ economic growth and have served as financial leverage. The goal of this study is to investigate technical and pure technical efficiencies in the telecommunication sector of European countries during the period 2010-2011. Charnes, Cooper & Rhodes (1978) proposed Data Envelopment Analysis (DEA), a valuable mathematical programming technique that has been applied to measure the efficiencies of decision-making units. The basic form of DEA is a CCR model that depends upon the constant returns to scale assumption. Furthermore, Banker, Cooper & Charnes (1984) developed an alternative DEA model that includes a variable returns to scale approach. In empirical studies, DEA analyses have been carried out with revenue and production-based efficiency models. This paper presents the efficiency results of the telecommunication sector for European countries, and Austria and Spain were found to be completely efficient in terms of technical, pure technical and scale efficiencies. In addition, DEA analyses for the telecommunication sector of European countries have revealed that 2010 efficiency scores have decreased slightly in 2011