Mergers and acquisitions are transactions in which the ownership of companies, other business organizations, or their operating units are transferred or consolidated with other entities. The purpose of this research is to test the efficiency of the market with respect to declare or announcement of merger and acquisitions using an event study methodology. Specially this study analysed the effects of merger and their announcements on the prices of stocks in company. the study the company involvement in merger and acquisition years to 2014-2018 in order to investigate the returns of shareholders of the target and acquirers. Evidence here supports that significant increasing of return were evidences of excess returns after the merger announcement was also observed along with the leakage of information that resulted in the rise of stock price few days before the announcement of merger or acquisition.
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