The Effects Of Mergers & Acquisitions In The Capital Structure Of Shipping Companies

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dc.contributor.authorDeliantoni, Petroulaen
dc.contributor.authorTsakalidou, Anatolien
dc.date.accessioned2015-03-12T14:27:28Z
dc.date.available2015-09-27T05:58:22Z
dc.date.issued2015-03-12
dc.identifier.urihttps://repository.ihu.edu.gr/xmlui/handle/11544/22
dc.rightsDefault License
dc.titleThe Effects Of Mergers & Acquisitions In The Capital Structure Of Shipping Companiesen
heal.abstractMergers and acquisitions is one of the most common ways for the companies that want a financial growth. Mergers and acquisitions are especially used in the shipping sector by firms that either want to expand in the global market or just want to maximize their profits. The purpose of this paper is to examine how mergers and acquisitions in the maritime industry affect the capital structure of the shipping companies. The data that are used are taken from well known databases such as Bloomberg, Thomson One and Yahoo Finance. There are presented 45 cases of mergers in the shipping sector. Those mergers are financial analyzed in order to figure out whether the mergers were profitable or not. Furthermore there are presented the results of the survey. There are presented the most important ratios of the shipping companies and a comparison between the year before and after the merger. Most of the companies that are in the survey are well known big and famous companies of the maritime industry. The results of this report are taken into consideration about the effects of M&As in the capital structure of the acquirer company. There is an examination of the debt and equity changes. However, there is no extensive survey in the M&As in the Shipping Transport Industry and therefore, this report attempts to give new evidences in this issue.en
heal.academicPublisherSchool of Economics, Business Administration and Legal Studies, MSc in Banking and Financeen
heal.academicPublisherIDihu
heal.accessfreeel
heal.advisorNameSyriopoulos, Theodoreen
heal.bibliographicCitationDeliantoni Petroula and Tsakalidou Anatoli, 2010, The Effects Of Mergers & Acquisitions In The Capital Structure Of Shipping Companies, Master's Dissertation, International Hellenic Universityen
heal.committeeMemberNameMarkellosen
heal.committeeMemberNameLevisen
heal.committeeMemberNameSyriopoulos, Theodoreen
heal.fullTextAvailabilitytrue
heal.generalDescriptionI would like to seize this opportunity to express my great appreciation and warmest thanks to my supervisor Doctor Theodore Syriopoulos for his time and academic guidance. I also wish to express my deepest gratitude to all my professors taught me during my studies in International Hellenic University, for both their advice and support.en
heal.languageen
heal.licensehttp://creativecommons.org/licenses/by-nc/4.0
heal.numberOfPages60
heal.publicationDate2010-09
heal.recordProviderSchool of Economics, Business Administration and Legal Studies, MSc in Banking and Finance
heal.tableOfContentsABSTRACT ...................................................................................................................... 2 ACKNOWLEDGEMENTS ..................................................................................................... 2 1. INTRODUCTION .................................................................................................... 4 2. LITERATURE REVIEW ......................................................................................... 5 2.1 Literature in Shipping Sector .................................................................................. 5 2.2 Literature on Mergers and Acquisitions ................................................................ 10 2.3 Literature on trade off theory and pecking order theory ....................................... 16 3. METHODOLOGY ................................................................................................. 18 3.1 Trade off theory of capital structure .................................................................... 27 3.2 Pecking order theory ............................................................................................. 28 4. THE DATA ............................................................................................................. 29 5. GENERAL ANALYSIS – THE FINDINGS .......................................................... 31 5.1 Table – M&As .................................................................................................. 31 5.2 Ratio Analysis – Measures of Profitability ....................................................... 35 5.2.1 Table – Financial Ratio Analysis .................................................................. 36 5.2.2 Table – Capital Structure Analysis ................................................................ 39 5.3 Debt – Equity .................................................................................................. 41 5.3.1 Table – Debt vs Equity Before M&As .......................................................... 41 5.3.2 Table – Debt vs Equity After M&As ............................................................ 41 5.4 Types of Payment ........................................................................................... 42 5.4.1 Table – Types of Payment ............................................................................ 43 5.5 Credit Facility ....................................................................................................... 43 6. CONCLUSIONS- SUMMARY ..................................................................................... 44 7. REFERNCES .......................................................................................................... 46 8. APPENDICIES ....................................................................................................... 50 Appendix 1. ................................................................................................................. 50 Appendix 2. ................................................................................................................. 51en
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