抄録
This paper examines the effect of Mergers on the capital market by real options and synergy effects. First, using event studies, we find that there are significant positive effects of merger announcements on stock prices. The effects of merger announcements between non-group companies are stronger than that between group companies. Then, with cross section analysis, we find that there isn't significant relationship between the merger announcements effects and synergy effects, but there is positive significant relationship between the merger announcements effects and merger option value in case of merger between non-group companies.
