M&A Activity, Divestitures and Initial Public Offerings in the Fashion Industry

This thesis analyzes four individual corporate finance-related research objectives on the fashion and leather accessories industry. The first two studies investigate the share price reactions of strategic bidder M&A transactions and their key drivers. The third study analyzes the implications of a missed disposal opportunity in the luxury fashion segment. Finally, the fourth study illustrates the long-term performance and changes in systematic risk exposure of initial public offerings in the fashion industry. The thesis contains a variety of empirical findings that are novel to the existing literary base of corporate finance research. It shows the various drivers of consolidation in a highly-dynamic and heterogeneous industry segment over the course of the last two decades.

Steffen Meinshausen completed his studies of business administration at the Private University of Applied Sciences in Göttingen. He was a research and teaching assistant at Darmstadt University of Technology until 2012 where he also finalized his doctoral thesis. He is now working for a leading global investment bank in Frankfurt am Main.

Leseprobe

Contents: Fashion and accessories industry – Mergers & Acquisitions – Divestitures – Initial Public Offerings (Ipos) – Systematic Risk Changes – Beta Development – Idiosyncratic Risk Exposure – Takeover Frequency – Behavioral Finance – Loss Aversion – Status Quo Bias.