Journal of Accounting, Finance & Management Strategy











Volume 14, Number 1, June 2019

Comparative Analysis of the Information Effect of M&As among Click-and-Mortar Activities

Kuang-Hsun Shih¹*, Le-Ying Liu² , Fu-Ming Lai³, Yi-Hsien Wang³*


This study utilized market model to explore information effects of the cross border M&A activities in China. We collected all sample data of cross border M&A activities in 2014-2017 are sourced from Security Data Company (SDC). The related historical prices are obtained from DataStream and the Taiwan Economic Journal (TEJ) database. Furthermore, this study investigate whether there are significant differences of the abnormal returns between traditional and internet enterprises, and employ cross-sectional regression to examine whether these related explanatory variables are associated with observed cumulative information content. The research findings perhaps can be a reference benchmark for traditional and internet companies in M&A decision-making.


Keywords: Traditional Enterprises, Internet Enterprises, Mergers and Acquisitions, Event Study, Abnormal Return, Click and Mortar.

JEL Classification: G34, M14, O16


¹ CTBC Business School

² Minjiang University

³ Department of Banking & Finance, Chinese Culture University

* Corresponding Author, E-mail: wyx12@faculty.pccu.edu.tw