Beginning Consolidation in the Renewable Energy Industry and Bidders’ M A-Success英文文献资料.docVIP

Technology and Investment, 2011, 2, 81-91 doi:10.4236/ti.2011.22009 Published Online May 2011 (http://www.SciRP.org/journal/ti) Beginning Consolidation in the Renewable Energy Industry and Bidders’ M A-Success* Sebastian Eisenbach , Christoph Ettenhuber , Dirk Schiereck , Paschen von Flotow 1 1 1 2 1 Department of Business, Economics and Law, Chair of Corporate Finance, Tech University Darmstadt, Darmstadt, Germany Sustainable Business Institute, Oestrich-Winkel, Germany E-mail: ettenhuber@bwl.tu-darmstadt.de 2 Received October 16, 2010; revised February 14, 2011; accepted February 18, 2011 Abstract In this paper we examine stock price reactions to mergers and acquisitions in a particular industry, the re- newable energy industry. We focus on acquirers and document positive abnormal returns on a sample of 337 completed M A-transactions announced during 2000 to 2009. We show that acquirer size, market-to-book ratio and deals announced in the recent financial crisis negatively correlate with acquirer returns. Acquirers from outside the renewable industry tend to earn positive abnormal results. Keywords: Mergers and Acquisitions, Event Study, Bidder Performance, Renewable Energy Industry, Financial Crisis 1. Introduction saw an aggregate of 216 deals, this number was recorded in 2008 alone. Wind and solar account for the bulk of transactions, but activity in biogas and hydro has accel- erated as business models mature. The renewable energy industry has seen rapid growth over the last decade. Fuelled by growing concerns about climate change and dwindling fossil fuel resources, gov- ernments have put aggressive stimulus packages in place to grow new businesses and support established players in the industry. The use of solar, wind, hydro, geothermal and tidal energy sources a