dam a22 2 4500 551314125 CHVBK 20200911032849.0 cr ||||||||||| 181212s2018 xx |||||om--- 00 |eng-d (IDSSG)001028719 SzZuIDS HSG ger rda 330 16616849101 edok Robustelli Test Alessandro Giacomo Verfasser aut The Media Echo of Mergers and Acquisitions as a Performance Predictor Alessandro Giacomo Robustelli Test St. Gallen 2018 1 Online-Ressource Text txt rdacontent/ger Computermedien c rdamedia/ger Online-Ressource cr rdacarrier/ger Master-Arbeit / Universität St. Gallen Masterarbeit Universität St. Gallen 2018 Using a neural network software called RavenPack to estimate media sentiment, this paper examines the predictive power of firm-specific news after five days of a Merger and Acquisition announcement date. Analysing a sample of 431 transactions from 2009-2015, I show that media sentiment is negatively associated to one year cumulative abnormal return. My analysis also shows that negative tone of news has a corporate governance control function: negative news are positively associated to one year Cumulative Abnormal returns. The results are robust also using Fama and French five-factor asset pricing model and buy-and-hold abnormal returns to calculate long-term returns. Furthermore, only high relative size deals, non-conglomerate and stock or mixed deals are key drivers of this pattern. Mergers and Acquisitions; Media Sentiment; Firm-Specific News; Cumulative Abnormal Returns Hochschulschrift gnd-content Ammann Manuel 1970- (DE-588)120861569 Akademischer Betreuer dgs http://www1.unisg.ch/org/biblio/edoc.nsf/SysLkpByIdentifier/16616849101/$FILE/16616849101.pdf Volltext für Angehörige der Universität St. Gallen BK020353 XK020053 XK020000 IDSSG 100 1- Robustelli Test Alessandro Giacomo Verfasser aut IDSSG 490 0- Master-Arbeit / Universität St. Gallen IDSSG 700 1- Ammann Manuel 1970- (DE-588)120861569 Akademischer Betreuer dgs IDSSG 856 4- http://www1.unisg.ch/org/biblio/edoc.nsf/SysLkpByIdentifier/16616849101/$FILE/16616849101.pdf Volltext für Angehörige der Universität St. Gallen