The Impact of Merger and Acquisition on Shareholder wealth in

Companies

A Capstone Business Project submitted to

London South Bank University For the award of Master of International Finance

By XXX

Student Number: XXX

September 2020
 Declaration

I declare that this a Capstone Business Project is my own work which has done after registration

for the degree of Master of International Finance in London South Bank University, has not

submitted previously to this or any other institution for a degree or other qualification.

Acknowledgements

I have received support and assistance throughout the course and the writing of this a Capstone

Business Project. I would like to take this opportunity to thank my Supervisor, MrXXX, for

his time and constructive advice, and to all lecturer and course director for all support and

guidance throughout my entire journey. Secondly, I thank my friends who were there to

support. Also, my biggest thanks to my family for understanding and all support you have

shown me throughout this research.

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 Abstract

In the introduction chapter, the researcher has assessed how mergers and acquisitions impact

the shareholders’ wealth within the company. Also, the chapter demonstrates the entire

research study aims and objectives, where the chapter also discusses the reasons behind firms

opting M&A not only to earn significant AAR and CAAR but also to benefit from obtaining

brands and the market position. Similarly, the chapter also addresses the overall issues, which

involve the inability to understand synergy and market capitalisation that could impact M&A

negatively.

The second chapter of literature review discussed many theories, benefits and challenges in

Merger and Acquisition between companies. This section takes help from valid resources on a

similar topic and evaluates qualitative information from those journals, books and other

articles. Different topics are made in this chapter, though the first part of the introduction gives

readers the gist about the consisting items in this chapter. Secondly, the conceptual framework

shows the relation between the topics and the research as well. These support the actual

objectives of this study. Then, the ability of M & A in creating value for the organisations

given. At last, literature gaps illustrated the topics which are not demonstrated in this study and

create possible future research.

In the third chapter, the researcher gives the tools and techniques that needed to complete the

research successfully. For example, the research philosophy section stated that positivism

philosophy is followed by the researcher, together with its justification. Within the chapter

Methodology, the researcher has demonstrated every step being undertaken to design the entire

research study, which has not only led to analyse different solutions to the addressed research

study issues. However, it has also allowed selecting different techniques to maintain the

continuous improvement process during the study.

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In the fifth chapter Discussion, the researcher discusses the findings of the present study and

analyses the results in reference to the conducted literature review. Also, the researcher presents

the implications of the study on a wider practical scale to analyse the significance of the

conducted research as well as guide the future research scope and opportunities.

In the sixth and the final chapter, Conclusion and Recommendation, the researcher portrays

the conclusion of the present study, along with linking the current objectives with the research

findings. Even this chapter highlights the recommendations of the researcher under the

challenges highlighted by the research. Along with dictating the limitations that the present

research comprises.

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 Table of Contents

1 Introduction ......................................................................................................................... 9
1.0 Introduction ............................................................................................................................ 9
1.1 Background ............................................................................................................................. 9
1.2 Aim ........................................................................................................................................ 10
1.3 Research objectives .............................................................................................................. 10
1.4 Research questions and hypothesis...................................................................................... 11
1.5 Rationale ............................................................................................................................... 11
1.6 Significance ........................................................................................................................... 13
1.7 Gaps detected and current focus elements.......................................................................... 14
1.8 Dissertation structure ........................................................................................................... 15
1.9 Summary ............................................................................................................................... 15
2 Literature Review ............................................................................................................... 16
2.0 Introduction .......................................................................................................................... 16
2.1 Conceptual framework ......................................................................................................... 16
2.2 Concept of Merger and Acquisition ...................................................................................... 17
2.3 Benefits of M&A.................................................................................................................... 19
2.4 Determining the ability of M & A in Value creation.............................................................. 21
2.5 Theoretical framework ......................................................................................................... 25
2.6 Determining the effects of M&A on Shareholders wealth and stock return........................ 26
2.7 Exploring the challenges faced while performing successful M&A ...................................... 27
2.8 Gap in Literature ................................................................................................................... 29
2.9 Summary ............................................................................................................................... 29
3 Methodology ...................................................................................................................... 31
3.0 Introduction .......................................................................................................................... 31
3.1 Research onion...................................................................................................................... 31
3.2 Research outline ................................................................................................................... 32
3.3 Research philosophy ............................................................................................................. 32
3.3.1 Justification of philosophy.......................................................................................... 33
3.4 Research approach................................................................................................................ 33

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 3.4.1 Justification of approach ............................................................................................ 34
3.5 Research design .................................................................................................................... 35
3.5.1 Justification of design ................................................................................................. 35
3.6 Data collection methods ....................................................................................................... 35
3.7 Data collection tools and techniques .................................................................................... 36
3.8 Sampling size and techniques ............................................................................................... 36
3.9 Measuring abnormal returns and cumulative abnormal returns ......................................... 36
3.10 Summary ............................................................................................................................... 38
4 Findings and analysis .......................................................................................................... 39
4.0 Introduction .......................................................................................................................... 39
4.1 Secondary Qualitative Analysis ............................................................................................. 39
4.1.1 Thematic Analysis ....................................................................................................... 39
4.2 Secondary Quantitative Analysis .......................................................................................... 48
Statistical and excel analysis ............................................................................................................. 48
4.2.1 Reliability test .............................................................................................................. 50
4.2.2 Reliability statistics ..................................................................................................... 50
4.2.3 One sample test............................................................................................................ 51
4.3 Regression test ...................................................................................................................... 53
4.3.1 Average Abnormal Return Associated with stock return ....................................... 54
4.3.2 Regression Statistics .................................................................................................... 56
4.3.3 Regression Statistics .................................................................................................... 60
4.4 Summary ............................................................................................................................... 61
5 Discussion and implication .................................................................................................. 62
5.0 Discussion.............................................................................................................................. 62
5.1 The implication of the research on future study .................................................................. 65
6 Conclusion and recommendation ........................................................................................ 68
6.0 Conclusion ............................................................................................................................. 68
6.1 Linking with objectives .......................................................................................................... 68
6.2 Recommendation.................................................................................................................. 70
6.3 Research limitation ............................................................................................................... 71
7 Ethical considerations ......................................................................................................... 72

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8 Gantt chart ......................................................................................................................... 72
9 References ......................................................................................................................... 73
10 Appendices......................................................................................................................... 81
10.0 Appendix 1(30 companies’ data) .......................................................................................... 81
10.1 Appendix 2 (30 companies’ data) ......................................................................................... 82
10.2 Appendix 3 (Abnormal and Cumulative return).................................................................... 83
10.3 Appendix 4 (Gantt chart) ...................................................................................................... 84

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 List of Figures

Figure 1: Transaction involving US companies from 2014-19 ............................................... 12

Figure 2: Dissertation structure ................................................................................................ 15

Figure 3: Conceptual framework ............................................................................................. 16

Figure 4: Categories of merger ................................................................................................ 18

Figure 5: Benefits of M&A...................................................................................................... 21

Figure 6: Customer value proposition framework ................................................................... 22

Figure 7: Stakeholders for value creation ................................................................................ 23

Figure 8: Measurement of value creation ................................................................................ 24

Figure 9: Transaction involving UK companies from 2015-18 ............................................... 27

Figure 10: Challenges faced while performing successful M&A ............................................ 29

Figure 11: Research Onion ...................................................................................................... 32

Figure 12: Research approaches .............................................................................................. 34

Figure 13: M&A strategy ......................................................................................................... 40

Figure 14: ECF campaign ........................................................................................................ 42

Figure 15: Size of the largest firms .......................................................................................... 43

Figure 16: Employee number relative to active labour force .................................................. 44

Figure 17: M&A’s by US companies ...................................................................................... 45

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Figure 18: Historical trend in M&A in the United States (1985-2020) ................................... 46

Figure 19:Value contributed by different sectors .................................................................... 47

Figure 20: Comparing the values of inward, outward and domestic Merger .......................... 48

List of Tables

Table 1: Correlation ................................................................................................................. 49

Table 2: Reliability test ............................................................................................................ 50

Table 3: Reliability statistics .................................................................................................... 50

Table 4: One sample test .......................................................................................................... 51

Table 5: AAR Associated with stock return ............................................................................ 54

Table 6: Regression Statistics .................................................................................................. 56

Table 7: CAAR Associated with stock return.......................................................................... 58

Table 8: Regression Statistics .................................................................................................. 60

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 1 Introduction

1.0 Introduction

In the era of globalisation competitive advantage and value creation forms the main buzzwords

for long term success and stability in the companies. Merger and Acquisition are one among

other strategies that form the dominant strategy for value creation, where it conducted to define

the agreement between two existing companies. It not only leads to creating value for

shareholders but also allows increasing within market share or by foraying into new business

segments. Within this research study, it will be demonstrated how merger and acquisition

strategies impact the shareholder value within the company, where certain companies AAR

and CAAR will be measured to reach an expected conclusion.

1.1 Background

Generally, Merger or Acquisition strategies considered to strengthen the bond between existing

companies. However, it is also allowed to bring may impacts, such as invariable impacts on

the share prices of the underlying companies, delving new lines of products and services, and

increasing the value of shareholders (Maas et al., 2019). Has been observed that both

globalisation and liberalisation have led firms to opt for merging and acquisition activities,

which not only allow them to fight competition battles with potential and stronger market

holders. However, it also has become necessary for firms, especially those who hail from

emerging and developed markets like the UK. During, the research study, has been observed

how the announcement of cross-border acquisitions tends to provide a higher amount of returns

in comparison to the domestic borders.

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Moreover, it also has been seen that the cumulative abnormal returns within the case of cross-

border acquisitions tend to stay permanent. In contrast, in the case of the domestic border, it

tends to remain very temporary (Nagashaet al.,2017). It also has been studied that the

announcement of the complete Acquisition of the target company considered a wholly-owned

subsidiary. Therefore, it tends to provide much higher returns in comparison to controlled

acquisitions. Also, this current study presented the evaluation of the impact on shareholders

due to M&A, which notable findings demonstrated. It includes an initial stage of the market

reaction before the M&A announcement between companies, and information becomes

publicly available, investors’ response, and the stock price jumping high from low,

measurements of providing abnormal returns to the shareholders, and measurement of the

cumulative average abnormal return (Anthony, 2019). On the other hand, studied that even a

post-announcement a strong correction in the market price of the company. Acquiring a place

in the market through M&A and a positive AAR do no sustain the wealth of shareholders.

1.2 Aim

The main aim of the research is to determine the impact of Merger and Acquisition on the

shareholders’ wealth

1.3 Research objectives

• To determine the ability of Merger and Acquisition in value creation by exploring their

concept.

• To demonstrate the effects of the announcement of Merger and Acquisition on stock

return and shareholders’ wealth.

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 • To identify the challenges faced while performing a successful merger and Acquisition.

• To recommend mitigation strategies for overcoming the challenges faced for making

successful Merger and Acquisition (M&A).

1.4 Research questions and hypothesis

Research questions

• What is the ability of Merger and Acquisition in value creation?

• What effects the announcement of M&A has on stock return and shareholders’ wealth?

• What challenges are faced for performing successful M&A?

• What could improved steps introduced for mitigating the challenges faced?

Hypothesis 0: There is no significant average abnormal return (AAR) and no cumulative

average abnormal return during the event window due to the announcement of M&A.

Hypothesis I: There is a significant average abnormal return (AAR) during the event window

due to the announcement of M&A.

Hypothesis II: There is a significant cumulative average abnormal return (CAAR) during the

event window due to the announcement

1.5 Rationale

Inability to determine synergy benefits, inability to understand how market capitalisation has

enhanced the shareholders’ wealth has been the main issue found in this that lead to conducting

more descriptive research on this study. Has been established that merger and acquisition

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activities are becoming popular, especially for the firms that come from emerging markets

along with the foreign companies who seek to invest in the US. Similarly, business growth can

be achieved in a variety of ways. Where the most considered way is through marketing and

business development even if it is not the fastest likewise, with the consideration of M&A

being the appropriate method to improve shareholder value, performance, and overall market

competitiveness (Giannopoulos et al., 2017). Then it is necessary to review its corporate

strategy as the first step because it has been observed that neglecting corporate strategies just

to acquire short-term goals could lead to failures. The reason behind this failure mostly related

to business partners who only focus on the increment of market value. Without analysing the

strengths and weaknesses of the market conditions both in its company at home and foreign

country company.

Figure 1: Transaction involving US companies from 2014-19

(Source: statista.com, 2018)

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It has been seen that there continuous growth in the transactions of Merger and Acquisition in

the US in 2014-2019, Although the transactions had been lower in 2019, still it is comparatively

higher as compared to other countries.

Also, It has been stated that the primary cause of merger and acquisition failures mostly occur

due to lack of insights into the target company, competencies that are its core. These resources

require to be allocated, which mostly impact both assets and liabilities of firms during the

engagement, and lastly, the market conditions being changes due to its volatile nature.

However, to ensure this lack of issues and challenges most of the time, firms either develop a

pool of target to invest in opportunities or source potential acquisitions candidates. However,

there are still certain issues that stayed, which is why this research study conducted to identify

how these issues impact on shareholders’ wealth, in terms of companies acquiring significant

AAR or CAAR. These current issues are mostly related to shareholder preferences during the

M&A, synergy expectations, and market capitalisation (Greve and Man Zhang, 2017).

1.6 Significance

The overall purpose of this research study is to seek the potential impact of the M&A on

shareholder wealth, where different data collected from other companies have led to identifying

driving factors of impact. It involves the evaluation of the pre-merge stage, announcement,

market reaction, shareholders’ reactions, and economic conditions. This research study did not

allow the researcher to demonstrate long-term performances and dividends during M&A.

However, it has also allowed the researcher to identify how shareholder enjoys the capital gains

and benefits from the increased shared prices. Likewise, the research study also has discussed

how both the companies and shareholders benefit from significant AAR and CAAR (Mateev,

2017).

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1.7 Gaps detected and current focus elements.

In previous research stock return that is available to shareholders due to M&A was researched.

Still, in this research apart from shareholders’ wealth, synergic benefits available to the

shareholders and the company have been further researched. This research study also has

observed how European companies (especially within the UK companies’) shareholders tend

to earn a positive abnormal return in comparison to the USA and some other countries

(Sahyounet al. 2018). Also, where the research has further discussed how it will impacts to

those companies who merge and Acquisition with the firm established in the USA and other

countries. The researchers have observed that most of the studies undertaken previously, where

cash flow performances measured, improvement of firms acquisitions in their respective

industries, and performance of post-merger. However, these studies have not much indicated

any specific outcomes apart from suggesting companies do benefit from synergy

diversification, pecuniary, and technical factors. On the other hand, this research study has

focused on providing evidence that indicates improvements and driving factors that impact on

shareholders wealth within the company.

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1.8 Dissertation structure

Chapter 1: Introduction

Chapter 2: Literature review

Chapter 3: Methodology

Chapter 4: Data analysis

Chapter 5: Conclusion and recommendation

Figure 2: Dissertation structure

(Source: Created by the Author)

1.9 Summary

The overall chapter has demonstrated the importance of Merger and Acquisition of companies,

which not only claims to benefit the merged companies but also ensures advantages to

shareholder wealth. The researcher also has conveyed the overall purpose and objectives of

this research study, which is to demonstrate how M&A impact on the shareholder wealth while

to seek if there is any positive and negative performance during the abnormal average return

and cumulative abnormal average return. Similarly, the research study also states how it will

measure different companies AAR and CAAR through the use of Excel and SPSS. The

researcher also demonstrated issues and challenges faced by both the company and

shareholders during M&A, especially in current terms.

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 2 Literature Review

2.0 Introduction

The purpose of this chapter is very useful, and according to that, there have to be some key

aspects discussed in the context of Mergers & Acquisitions. Included with the involvement of

the various human resources services, and that can be vital for the increment in the

participation, productivity along with the adaptability as well. Concept of the Merger &

Acquisition along with its benefits, are going to be evaluated here that can be vital for the

shareholder wealth in the various organisations. Apart from that, there are some key aspects

and effects of the M&A as well, which is going to be determined in value creation along with

stock returns.

2.1 Conceptual framework

Figure 3: Conceptual framework

(Source: Made by the Author)

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2.2 Concept of Merger and Acquisition

It has been seen observing some key literature, that the alliance is an organisational change

which is included with some consequences in every aspect of the organisation. Has been found

that it usually is seen to be comprised of the combination of two company’s band that is very

effective in the context of understanding the shareholder’s wealth for the company. On the

other hand, mergers can be sprayed on four categories as well, which are very crucial in the

context of transferring shares or payment from the target company (Patel, 2017). The

horizontal mergers have seen during the launching of the same products by two companies

within an almost similar industry. Vertical mergers can be seen when a combination of the

two companies seen in the same goal or target of synergies. It is useful to control various factors

from the production so that the distribution to the sellers can be appropriately managed.

Concentric mergers included with the involvement of multiple organisations or companies as

well that are very crucial in operating critical systems in the same market (Gupta, 2018).

However, it is essential to have an active customer and supplier relationship as well. According

to the conglomerate merger, it occurs between two organisations in two various industry, so

it can be said that the definition and concepts of the mergers and acquisitions can significantly

continue to exist in the form of expenses.

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 Figure 4: Categories of Merger

(Source: Agarwal et al. 2018)

It has also been seen that there are various activities and factors included in the process of

Merger and Acquisition, which need to be noted to manage the shareholder’s wealth as well.

Besides that, loss and lack of productivity need to be identified, and according to that proper

process can be implemented as well. Moreover, the breakdown of social and cultural activities

has a major effect on the intense resistance of changes as well. It is very significant and useful

to deal with the participative manage the and according to that types of changes along with the

relational system can be vital for the better management as well (Singhal, 2017).

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2.3 Benefits of M&A

It has been noted that the mergers and acquisitions are effective to regulate in the various

countries which are included with many advantages. Some of the critical benefits of M&A are

as follows,

Taxation advantages

It has also seen that mergers and acquisitions can come with different tax advantages, which

can be useful for a better understanding of the market. Apart from that, there are many countries

where the government offer tax cuts or reductions during the completion of mergers &

acquisitions.

Better possibilities

Every business owner needs to be valid towards the better business possibilities that can be

effective to enter new markets as well. Therefore, the setting up of a new branch along with

the subsidiary idea can save time and money both for an organisation as well. Consequently, it

is beneficial to achieve new possibilities in the new markets, and that can enhance the growth

and development of the company as well (Meglio, 2020). as an example, it can be said that in

the Dutch market, many small organisations are there which are operating in the Netherlands

and many of them can be purchased along with a massive base of loyal customers, Based on

that, the foreign business owners can be useful for obtaining a better Dutch residence which

allows moving in one of the most significant countries in Europe (Hečkováet al. 2019).

Obtaining more accessible access to the labour force

Has been seen that in any organisation needs to be a proper base of the labour or workers as

well. The condition of the merging, along with acquiring another organisation needs to be

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included with a productive workforce along with some essential legal requirements nationally

and internationally (Coakley et al. 2017). Therefore, for example, it can be seen that UAE has

imposed some strict regulations regarding the mergers and acquisitions in the international

level, which can be vital to retain the workers as well.

Cost-effectiveness

It has been seen that buying merging with another organisation can be comparatively cheaper

and this can be useful for the distribution facilities along with production centres and various

facilities. The different activities can be done using more competitive prices, and that can be

established and useful for managing financial aspects as well. Therefore, reduction of the costs

along with the share market budgets can lead to an increase in purchasing power at a minimum

price.

Full access to the broader market

It has been observed that the shareholders market share can be useful and efficient by merging

and acquisitions. The companies can able to access a wide range of market, and that can be a

crucial part in the development of the company as well. Moreover, the target markets can be

excellent with some distribution channels as well, and that can be used for their offers.

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 Obtaining of easier
Taxation advantages Better possibilities
access to labour force

Wide access to larger

Cost effectiveness
market

Figure 5: Benefits of M&A

(Source: Tachitskaia et al., 2016)

2.4 Determining the ability of M & A in Value creation

The majority of the studies have been made and according to the diversification of the literature.

It has been done and explored that there has to be a proper relationship between value creation

and diversification as well. Many studies revealed there are some specific types of the direction

of diversification, emphasising over the implications can be done according to the M&A

performance as well. Also, it is referred to relatedness, which described as per extensive

merging where various entities are related as well. Besides that, M&A seen to be comprised of

two significant firms which are connected in multiple levels as well such as production, markets

growth and many more (Souply-Pierard and Robert, 2017). However, despite having the

growth through the M&A transactions, few activities are seen to produce some expected

benefits and that at every essential in the context of consolidation and acquiring firm as well.

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 Figure 6: Customer value proposition framework

(Source: Burns and Collett, 2017)

Apart from that, the value creation framework has been vital for the better management of the

activities as well, and that is essential for the firm’s value offering and value proposition. The

above context of the value creation of the M&A ineffectual to understand the critical structure

of the entire system as well, and that is essential for the analysis of the shareholder’s wealth as

well. Moreover, the typical measurement of the company performance can be vital as well for

financial metrics. The operating margins such as earnings before the interests, taxation, revenue

percentage need to be included here that is very significant as well. All these activities typically

computed every year, and that is essential for the context of the latest operations and financial

performance.
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Moreover, the values of the business cannot be done according to its short term financial

performance. Also, still, it has been carried by the investors and shareholders so that there can

be proper generation the business in the context of growing the value. There are three basic

categories of the stakeholders as well, and that is essential for and organisation to make proper

arrangements as well. Some critical areas of the activities can be seen as customers, employees,

investors. However, it can be observed that investing over the employees or the technical

aspects can create a win-win situation where short term expenditure can result higher as well.

Figure 7: Stakeholders for value creation

(Source: Zeng, 2017)

Moreover, it has been seen that the stock prices can be considered as the transparent

benchmark. For the values and the market expectation of the present value can be done

according to the potential of the future holds as well and that is very significant in the context

of better value creation on shareholders’ wealth in companies. Besides that, intrinsic values can

be vital for the better analysis and effectiveness of the efforts of the companies as well, and it

is essential for the stakeholders as well (Zhu and Moeller, 2016). Therefore, it can be seen that

the based on the tangible and intangible assets and logics, there can be some essential reflection

23
and analysis that can be set up as a practical approach and future outlook as well. Hence, the

management of the company can able to use the external strategies and based on that there has

to be some key activities and actions which are vital for the better analysis as well. Moreover,

tracking of the entire shareholder returns can be useful here and based on that; critical indicators

can be created according to the strategic and operational success as well.

Figure 8: Measurement of value creation

(Source: Haqi and Accounting, 2017)

According to some reports and surveys, there are some key aspects which can be useful for the

explanation of the different source, and that is essential for the context of M&A activity. In the

context of an acquisition, the value creation can be seen as the combination of the different

merging firms, and according to that, various situational constraints can be identified as well.

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Here it has been analysed that according to previous reserved, the M&A synergies is usually

essential to generate some fundamental forms and those are as follows,

• Vertical integration

• Tangible resources share

• Shared knowledge

• Combination of business creation

• Power of negotiation

• Strategies of coordinates

These are vital and significant for the better analysis of the essential sources of the synergy for

firms and can be included with the process industries as well (Moeller and Zhu, 2016).

However, there are some significant roles of each form in the development of Merger and

Acquisition of shareholder wealth in various companies.

2.5 Theoretical framework

Synergy gain theory determines different types of synergic benefits that could be achieved by

the company through this M&A. In addition to that, the Hubris hypothesis theory further helps

in determining the effects of M&A on merged firms as well. It has been seen that the Synergy

gain theory based on the value and performance of two companies and that are effective for the

better management of the sum of the separate individual parts as well which is effective for the

M&A.

On the other hand, Hubris hypothesis theory is associated with the corporate takeover and

advance explanation as well, which suggest about the tendency for the acquisition companies

so that they can pay excessive. The bidding firms are seen to be influenced by hubris and tend

25
to pay too much for the targets. The managers of the company seemed to look for Acquisition

according to the potential motives as well.

2.6 Determining the effects of M&A on Shareholders wealth and stock return

It has been observed from the above discussion that the effectiveness of the several tasks and

activities are vital, and this can be effective for the creation of better stock prices return as well.

Moreover, as soon as the information gets public, it has been observed that the investors try to

react and based on that the stock prices make a huge jump. Therefore this can be effective to

generate positive abnormal returns as well, and it has been useful for the investors. Hence, it

can be said that there have to be some critical considerations in the marketplace pricing, which

can deal with shareholders’ wealth and sustainable stock prices as well. Therefore, it can be

determined that,

• An investor can able to earn substantial returns, and that is effective for the shares as

well as very significant and useful for the better analysis as well.

• Moreover, the announcement of the cross-border Acquisition can provide better and

high returns, which can be helpful to and connection with the stock prices as well.

• Furthermore, the announcement has also generated financial and cash payment and

substantial profits as well.

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 Figure 9: Transaction involving UK companies from 2015-18

(Source: Degbeyet al., 2020)

2.7 Exploring the challenges faced while performing successful M&A

Despite having many benefits and essential impacts, there are some key aspects and

consideration as well that can be met as a significant challenge. Some of the crucial challenges

are as follows,

Lack of motive

It has been seen that there are areas that lack from the right areas for the Acquisition, and that

is very effective for better analysis as well. Moreover, it has also been seen that the right way

to ignore the happening can be excellent based on the achievement as well.

Targeting the wrong company

It has been seen that many organisations are competent and innovative in the context of

managing various activities which have been included in the targeting of the company (Ajayi,

27
2016). Wrong selection of the companies can be challenging for the M&A, and that is effective

for the right firm as well.

Overestimating synergies

It has been seen that this has become a vital area of the experience challenges. And that is

essential for the discussion as well so that the solution can be derived. It usually means that the

increased revenue along with the cost-saving criteria can be vital as well so that a proper

consequence of the transaction can be evaluated as well.

Overpaying

It is deemed to be the most effective and efficient problems which need to be managed

according to the Acquisition for the various companies. Besides that, according to a large part,

it has been deemed to be very challenging for the value of the company (Framework, 2017).

Hence, the management of the various organisations need to be effective, and according to that,

there are some suitable values as well, which can appropriately manage. According to that, the

problem of overpayment can be achieved.

Exogenous risks

It has been seen that there are some shifts of the financial industry along with the technological

as well, where the most planned deals can be failed. However, for example, it can be explained

that 2006 article in the Guardian has claimed that Acquisition of news corp of $580 million has

looked like a bargain of the century and this is effective for the analysis as well.

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 Lack of
motive

Targeting
Exogeno
wrong
us risks
company

Overesti
Overpayi
mating
ng
synergies

Figure 10: Challenges faced while performing successful M&A

(Source: Degbeyet al.,2020)

2.8 Gap in Literature

There are some specific places where the management of the companies are essential to

creating gaps in the literature, and those are such as losing the trust of Important stakeholders,

inadequate diligence along with failing evidence in a crucial moment. Hence, the failed

integration can also be a gap that needs to be implemented by the organisation, and the

procurement process needs to be arranged significantly.

2.9 Summary

By understanding the above discussion of the literature, it can be said that the essential aspects

along with the benefits of M&A are necessary for the various organisations and that need to be

maintained in a significant way as well. Apart from that, the determination of the value creation

29
has been a critical area that is discussed here, along with the effects and concepts of the Merger

and Acquisition as well. Besides that, various issues and challenges are also there which can

deal with certain things as well.

30
 3 Methodology

3.0 Introduction

This chapter is useful for analysis of the several methods that have been followed here to deal

with and evaluate the research. Besides that, there are some key considerations which can be

seen in the context of M&A, and the process behind the performance is going to be analysed

here as well. Besides that, the methods bare very useful to identify so that it can be reviewed

according to that, and the future projects can be significant as well.

3.1 Research onion

It is useful to describe every step, and that can be effective for better analysis and management

as well. Hence, this is the critical area where the elaboration of the methodology framework

and section can be explained as well. Therefore, the essential requirements and expectations

can be vital here, which can be useful for the analysis of some key considerations. Description

of the research onion can be done according to the requirements of observation over the effects

of M&A on stakeholder’s wealth in companies. And the analysis needs to be maintained some

practical approach and process as per the following figure as well. Therefore, the research needs

to understand various activities and based on that, proper outcomes can be exposed as well

(Saunders et al. 2009). Hence, analysis of the impacts of Merger and Acquisition on

shareholder wealth can be vital and based on that accurate description of the research need to

be identified as well.

31
 Figure 11: Research Onion

(Source: Saunders et al.,2009)

3.2 Research outline

The research outline has been crucial, according to that development of framework along

with the eventual contents of the organisation can be revealed as well. However, some key

areas are included in the methodology section, which can be introduced briefly here as well.

3.3 Research philosophy

This is a belief that the researcher defines the researcher, and according to that, proper steps

can be taken for the market. However, some key points need to be analysed, and this is very

significant for better analysis and effectiveness as well. In this research, positivism research

philosophy has been used and that need to be implemented among the companies so that the

M&A can be managed in a proper significant way as well.

32
3.3.1 Justification of philosophy

Realism philosophy is used by the researcher when the reality interpreted with the concept of

human minds. That means, with the concept of participants in the researcher is mixes up with

the reality of the actual case. Similarly, interpretivism used when qualitative research is

conducted in the study. The researcher does both the qualitative and quantitative analysis of

the results. The philosophy of interpretivism is also not appropriate (Madge, 2016). Now,

according to the philosophy of positivism, the researcher must limit his analysis and do not

interpret any personal view. That means the researcher needs to stick to the actual topic of the

research only. On the other hand, both qualitative and quantitative analysis can be done with

positivism philosophy. Positivism is much appropriate philosophy for this research.

3.4 Research approach

There are mainly two different kinds of research approaches used by the researchers which

are-

• Inductive

• Deductive

33
 Figure 12: Research approaches

(Source: Willis and Fitton, 2016)

The researcher tries to meet the objectives of the research according to the research questions

only in the inductive approach. In deductive research, the researcher started with one or more

than one hypothesis. The researcher selects deductive research for this study as it seemed to be

most justified according to its features (Willis and Fitton, 2016).

3.4.1 Justification of approach

Here, the researcher did both the qualitative and quantitative analysis of the collected

information. Moreover, researchers try to produce a new theory in the outcomes of the research

with the inductive approach. Here, the researcher did not want to generate a new theory. On

the other hand, quantitative analysis is also done, which is supported by the deductive approach.

Thus, the deductive approach justified for this study.

34
3.5 Research design

The research design within the methodology tends to have three types of designs, to structure

a research study; it involves descriptive, exploratory, and explanatory. Following this step

within the methodology not only tends to provide strategy but also allows the researcher to

present the study coherently and logically. Moreover, it ensures that the research study properly

addresses the research problem. However, the descriptive design found as the most suitable

design for use in this research (Bonevaet al., 2019).

3.5.1 Justification of design

It has been seen that here the research is designed as per the descriptive research design, which

is found to be suitable as well. Moreover, there are some key aspects which are very crucial in

M&A, which are vital here as well. The method of the research design has to be followed by

the researcher as well which need to be implemented properly so that the shareholders of the

companies can adopt the plan (Sachdeva et al. 2017). However, it needs to observe whether

the stock price data of the companies are included or not.

3.6 Data collection methods

In this case, mixed-methods, namely secondary qualitative as well as primary qualitative of the

shareholders, has been done. This is very effective for the better analysis of the various data of

the companies which are taken here for the research. The financial aspects, along with the stock

market performance, can be measured here as well with the help of proper data collection

method. Therefore, the consequences of the M&A can be analysed here in this research.

Moreover, it has also been seen that the investigation is useful to find out the valuable

shareholder wealth and based on that profitability along with the market valuation can be

observed as well in a long term aspect (Redor, 2016). Hence, the research has shown both the
35
short- and long-term effects of the M&A. And these are examined as per the event study and

data collection method as well.

3.7 Data collection tools and techniques

Thematic data collection technique has been used, in addition to that, uses of stock return

calculations on companies that have undergone mergers both before and after having been done

in this research through excel for calculations abnormal and cumulative average return. By

using Excel and SPSS t-test, regression and reliability test has been done. Hence, this can be

effective for a better concept of the possible changes in the companies as well.

3.8 Sampling size and techniques

Thirty random companies’ mergers for 5 and 10 years from December 1999 to December 2019

used for SPSS and Excel analysis. Apart from that, simple random sampling method has been

used as well, and that is effective for the study of the impact of Merger and Acquisition on the

shareholder’s wealth for the various companies which are included here in this research.

[see to appendix 1&2 for 30 companies’ data]

3.9 Measuring abnormal returns and cumulative abnormal returns

Market research Method is applied to measure the effect of Merger and acquisitions on the

stock price of the companies from the announcement of the event. This method determines the

difference in actual and expected returns of the stock price as a result of the transaction; also,

the method used by several studies. The market model allows to retain the frequent events in

the sample and give more efficient results from mergers and acquisitions. Brown and Warner

argue that risk-adjusted market model does not provide the measurement of abnormal returns

significantly.

36
Abnormal return = Actual return – Expected return

The abnormal returns calculation formula is as follows:

ARit = Rti – E(Rit)

ARit - abnormal return for firm i on day t

Rit - actual return for firm i on day t

E(Rit) – expected return for firm i on day t

Later, Average abnormal return calculated as follow:

Where ARit is the abnormal return for company stock i on day t.

After ARs, the cumulative abnormal returns, as shown in table 7, of the stock are measured in

the event window of the study. The CARs in the event window (x, y) would be:

Here, CARi is the cumulative abnormal return for companies i over the event window T1T1

and T1 T1 and T2T2.

Finally, the Cumulative Average Abnormal Return is calculated as follow:

37
3.10 Summary

According to the understanding of the methodology, it can be said that the impact of the

mergers and Acquisition over the shareholder’s wealth can be measured by some key aspects

and industry performance as well. This need to be done with a proper and significant framework

of the research and different characteristics of the M&A also need to be appropriately observed,

the data collection method along with the plans can support the observation and analysis as

well.

38
 4 Findings and analysis

4.0 Introduction

In this chapter, the collected information analysed. And the data is analysed qualitatively and

quantitatively. Here, different and valid articles, journals are taken, and secondary data is

gathered from those, apart from these thirty different companies are taken for merger and

acquisition data, and the information analysed with Excel and SPSS. T-test, reliability test and

regression analysis done of this data. Besides this, excel analysis also done for the calculation

of average abnormal return (AAR) and cumulative abnormal average return (CAAR), At last,

a brief conclusion made where the entire finding and analysis summarised.

4.1 Secondary Qualitative Analysis

4.1.1 Thematic Analysis

Theme 1: Effectiveness of M&A on behavioural finance

It has been seen that during the last some decades, there are some key points and consideration

that need to be observed and according to that, researchers have identified different factors that

can affect the managerial decision. It is useful to lead the increase of popularity in behavioural

finance as well. Moreover, behavioural finance is the disciplines of the economy as well, which

is based on the combination of the psychological theories and economics as well (Foss and

Meier, 2019). It needs to be adopted that behavioural finance does not assume the market is

fully efficient so that human behaviour can be a vital factor here as well. Moreover, it can also

be seen that according to some research, there has to be proper and effective target benefit from

the transaction (Holmström, 2017).

Theme 2: Defining of M&A strategies

39
It is essential to have a proper and significant plan of the M&A, and that can be vital for the

analysis of overall corporate growth strategy as well. The vision, mission, objectives of the

company can be critical here, and that is essential to enhance the competitive advantages as

well (Fadlitama and Adawiyah, 2017). Therefore, the capacity of the management, along with

the execution of the M&A strategy needs to be useful for achieving goals in the right way. The

research needs to link the strategic objectives in some ways such as,

• Transformation of the core strengths in targeting the business

• Transformation of the skills and non-core business

• Enhancement of the new capabilities

Figure 13: M&A strategy

(Source: Hassan et al.,2018)

40
According to the above figure, the effectiveness of the critical factors can be analysed as well.

And this needs to be evaluated by the researchers in this study. Besides that, the evaluation of

the strategic alternatives can be seen accurately as well based on the nature of the competition

of various organisations, the own financial strength, environment stability can be enhanced as

well. However, the selection of the M&A strategy observed as the trade-off between risk and

opportunities. And the development of clear blueprint is a crucial aspect as well. On the other

hand, there can be a variety of strategic alternative and factors which are included in the internal

policy consideration as well (Beckers et al.,2018). Hence, the selected strategies can be seen

in the form of various types according to the requirements of the scenario, which shows that

the effectiveness of the mergers and Acquisition of shareholders.

Theme 3: Trends in M&A in the United States

Within the country, the US, which considered one of the main countries in the world where a

heavy M&A took place between various companies. Equity crowdfunding (ECF) is one of the

main reasons behind the Merger and Acquisition of the companies. Organisations are

undergone in many types of ECF campaign. The cumulative hazard rate function is

significantly lower in the US than other countries such as Germany, the UK, or UAE. That is

why; ECF campaign last longer in the US than any other developed country as shown in the

graph below-

41
 Figure 14: ECF campaign

(Source: Hornufet al.,2018)

Merger and Acquisition also help organisations to improve their size in the country. In this

way, the largest firm size increases each year in the US. The largest firm size is shown in the

country in the graph below-

42
 Figure 15: Size of the largest firms

(Source: Forgács, 2018)

Though, both the domestic and active labour force in the country decreased even after the high

numbers of M&A taking place. Firms in the US lack in the improvement of their production

through foreign direct investment. The global and domestic labour force is presented

graphically in the image below.

43
 Figure 16: Employee number relative to the active labour force

(Source: Forgács, 2018)

On the other hand, the number of M&A among US firms also increased in the year 2019.

Though, the numbers were declining since the year 2007 except some middle years such as

2010, 2011, 2015 and 2016. In these years, the numbers of M&A between US firms increase

compare to its previous years, respectively. Still, the highest number of M&A took place in the

year 2018 since the year 2003. All of these shown in the graph below.

44
 Figure 17: M&A’s by US companies

(Source: Ramos Nogales and Elshani, 2020)

This rise in M&A of companies is also shown in Ireland so far. From the above data, it is clear

that the number of M&A in the US in 1985 is just below 1000. This is almost 200 more than

the previous highest. Which are just over 800 in the year 1989 were, since then the rise of M&A

has increased even at times it decreased.

Theme 4: Effects of M&A on the economy

Since the year 1985, more than 103 thousand of Merger and Acquisition took place in the

country, which has an overall value of more than 5650 billion GBP. The number of M&A and

its economic effect increased even in the year 2017 when there was a global decline in it. In

the United Kingdom, approximately four thousand deals of M&A took place in 2017, which

had an overall value of 326 billion GBP. The growth rate in the number of M&A between 1988

45
and 2015 was 1.85 per cent. On the other hand, the similar rate in values is over 8%. The

historical trend in both value and number of transactions shown in the chart.

Figure 18: Historical trend in M&A in the United States (1985-2020)

(Source: imaa-institute.org, 2020)

From the above data, it can be seen that even in the year 2019, there are nearly 4500 M&A

took place. The total value of which is more than 330 billion USD. Different sectors are

involved in these deals. Among these various industries, the financial sector contributes the

highest to the economy through M&A. Almost 625 billion GBP is contributed through M&A

by the financial sector, and that is more than 16% of the total contribution. The financial sector,

followed by energy and power, consumer staple and materials. The health and sector also

improved their rank and became 6th according to the value contributed through M&A. The

contribution of different sectors is showing in the graph below-

46
 Figure 19:Value contributed by different sectors.

(Source: imaa-institute.org, 2020)

In all of these M&A deals, the value of inward Merger reaches its highest peak in the year

2016. The case is the same for the value of domestic Merger, but the value of outward mergers

did its best in the year 2017. Inward and outward merging deals perform better than the

domestic Merger, which shown here.

47
 Figure 20: Comparing the values of inward, outward, and domestic Merger

(Source: ons.gov.uk, 2020)

Though, the outward Acquisition is decreased in the year 2018 compared to the same in the

year 2017. The total outward Acquisition 2018 was nearly equal to 23 billion GBP, which was

more than 77 billion GBP in the previous year of it.

4.2 Secondary Quantitative Analysis

Statistical and excel analysis

The statistical analysis of the information and different variable using SPSS given below.

[See appendix 3 for data]

48
Table 1: Correlation

Figure 4.3.1: Correlation

(Source: Created by Researcher)

According to the above figure, the WT price is greatly affected by PF price, AI_Price and VC

price. Similarly, the WT returns have a moderate and positive relationship with EM, and AI

returns. However, it has a very poor but negative relation with AI price. That means, if AI price

increase, then it decreases slightly and vice versa. The reliability test and statistics related to it

is given in the tables below. The Pearson correlation factor gives a value of 0.94 in many cases,

that means those variables are very much dependent on each other. On the other hand, where

49
the factors are negative, indicating an inverse relationship between the variables. A value near

to 0.5 indicates a moderate relation and less than that indicate almost no dependencies on each

other.

4.2.1 Reliability test

Table 2: Reliability test

Case Processing Summary

N %

Valid 121 100.0

Cases Excludeda 0 .0

Total 121 100.0

a. Listwise deletion based on all variables in the procedure.

(Source: Created by Researcher)

4.2.2 Reliability statistics

Table 3: Reliability statistics

Cronbach’s Alpha N of Items

2.854E-005 61

(Source: Created by Researcher)

50
From the overall analysis, it is clear that many factors depend on each other, which also shape

the M&A deals. The valid and total value of N is equal, and that is 121, which support the

validity of the research. On the other hand, the % value of the two variables in the case summary

is also the same.

Hypothesis

The result of one sample test given below and a hypothesis made according to it.

4.2.3 One sample test

Table 4: One sample test

51
 (Source: Created by Researcher)

According to the one-sample test in the highest value of t is made for the VC price. Hence, this

can be stated that VP price impacted the most than other variables in M&A deals, and it is well

important for this research too. Other factors also are given to make the hypothesis valid in the

above factor. For example, the mean difference between the variable VP price is 20.08

approximately. On the other hand, the 95% confidence level is 19.29 and 20.88 for lower and

upper differences, respectively. The values of these differences are neatly equal, and this

difference is highest for PM Price. That is nearly 61 and 67 for lower and upper levels

respectively.

Similarly, the mean difference for the variable is also more than 60, which implies its

importance in the M&A deals as well. After VP price, At and PM prices followed it with 47

and 40 as the value in the t. Thus, from the overall values in the t column, it can be said that

these variables are crucial.

52
4.3 Regression test

Average Abnormal Return

It has been examined the Average Abnormal Returns and Cumulative Average Abnormal

Returns for each company and to test the significance of our data used statistical analysis.

Essentially, to see if there are negative or positive AR when there is a negative or positive stock

return; therefore, the results of this analysis presented below.

53
4.3.1 Average Abnormal Return Associated with stock return

Table 5: AAR Associated with stock return

Event Day Date Total Price Actual Return Expected Return AAR
30.00 01/12/2014 2292.142 0 0 0
29.00 01/01/2015 2318.335 0.011362481 0.415047131 -0.40368
28.00 01/02/2015 2442.853 0.676918545 0.415047131 0.261871
27.00 01/03/2015 2400.295 1.778073843 0.415047131 1.363027
26.00 01/04/2015 2467.601 -0.07170131 0.415047131 -0.48675
25.00 01/05/2015 2497.733 -2.77552133 0.415047131 -3.19057
24.00 01/06/2015 2487.014 -0.91662433 0.415047131 -1.33167
23.00 01/07/2015 2739.63 2.070140657 0.415047131 1.655094
22.00 01/08/2015 2612.927 -1.26600309 0.415047131 -1.68105
21.00 01/09/2015 2555.133 2.51611483 0.415047131 2.101068
20.00 01/10/2015 2877.347 1.301537455 0.415047131 0.88649
19.00 01/11/2015 2931.866 -0.32394663 0.415047131 -0.73899
18.00 01/12/2015 2947.425 2.053084533 0.415047131 1.638037
17.00 01/01/2016 2802.612 0.62756232 0.415047131 0.212515
16.00 01/02/2016 2731.3 1.191379438 0.415047131 0.776332
15.00 01/03/2016 2886.069 0.252864405 0.415047131 -0.16218
14.00 01/04/2016 2918.946 1.01585346 0.415047131 0.600806
13.00 01/05/2016 3015.195 -0.40847301 0.415047131 -0.82352
12.00 01/06/2016 2996.433 -0.54447806 0.415047131 -0.95953
11.00 01/07/2016 3140.954 -0.51137428 0.415047131 -0.92642
10.00 01/08/2016 3158.685 -1.90654706 0.415047131 -2.32159
9.00 01/09/2016 3221.104 -2.0077529 0.415047131 -2.4228
8.00 01/10/2016 3141.338 2.953564734 0.415047131 2.538518
7.00 01/11/2016 3102.838 -0.24240297 0.415047131 -0.65745
6.00 01/12/2016 3203.58 0.939754332 0.415047131 0.524707
5.00 01/01/2017 3305.036 0.981943263 0.415047131 0.566896
4.00 01/02/2017 3402.176 1.227551469 0.415047131 0.812504
3.00 01/03/2017 3439.244 1.681723617 0.415047131 1.266676
2.00 01/04/2017 3572.57 -1.01750852 0.415047131 -1.43256
1.00 01/05/2017 3725.86 -1.38142614 0.415047131 -1.79647
0.00 01/06/2017 3653.552 1.758002422 0.415047131 1.342955
-1.00 01/07/2017 3708.32 0.682949072 0.415047131 0.267902
-2.00 01/08/2017 3702.019 0.436296464 0.415047131 0.021249
-3.00 01/09/2017 3731.202 1.235324514 0.415047131 0.820277
-4.00 01/10/2017 3936.618 -0.32603678 0.415047131 -0.74108
-5.00 01/11/2017 4071.015 0.09142821 0.415047131 -0.32362
-6.00 01/12/2017 4102.206 0.235339242 0.415047131 -0.17971
-7.00 01/01/2018 4596.772 2.089849142 0.415047131 1.674802
-8.00 01/02/2018 4449.32 0.199098624 0.415047131 -0.21595
-9.00 01/03/2018 4251.4 1.726556144 0.415047131 1.311509
-10.00 01/04/2018 4363.773 0.545290275 0.415047131 0.130243
-11.00 01/05/2018 4509.42 0.158011595 0.415047131 -0.25704
-12.00 01/06/2018 4621.441 0.11385746 0.415047131 -0.30119
-13.00 01/07/2018 4893.469 1.273370494 0.415047131 0.858323
-14.00 01/08/2018 5156.173 -1.09643812 0.415047131 -1.51149
-15.00 01/09/2018 5204.944 0.907625383 0.415047131 0.492578
-16.00 01/10/2018 4626.053 1.808963081 0.415047131 1.393916
-17.00 01/11/2018 4803.569 1.076329399 0.415047131 0.661282
-18.00 01/12/2018 4359.484 0.776134386 0.415047131 0.361087
-19.00 01/01/2019 4735.591 -0.84540432 0.415047131 -1.26045
-20.00 01/02/2019 4689.51 0.940142155 0.415047131 0.525095
-21.00 01/03/2019 4901.591 0.308049516 0.415047131 -0.107
-22.00 01/04/2019 5140.527 0.081413222 0.415047131 -0.33363
-23.00 01/05/2019 4791.309 0.696872535 0.415047131 0.281825
-24.00 01/06/2019 5006.224 0.37253952 0.415047131 -0.04251
-25.00 01/07/2019 5151.289 -0.30269515 0.415047131 -0.71774
-26.00 01/08/2019 5002.538 1.247606262 0.415047131 0.832559
-27.00 01/09/2019 5013.42 -0.26382976 0.415047131 -0.67888
-28.00 01/10/2019 5139.165 0.493804958 0.415047131 0.078758
-29.00 01/11/2019 5295.448 0.83746718 0.415047131 0.42242
-30.00 01/12/2019 5428.848 -0.26075905 0.415047131 -0.67581

Average Abnormal Return (AAR) return during event period (-30,30)

(Created by the researcher)

54
 Abnormal returns of 30 companies on the window (-30;30)

(Source: Made by the Author)

The Average Abnormal Returns found to be negative for 15 days and 14 days in the pre and

post stock return date. The research has observed the highest AAR of 2.54 just eight days before

the zero date, followed by 2.10 on 21 dates. This proves that investors are very much aware of

the event. The increasing trend from 28 days to 8 days shows that investors were much

concerned with the stock return. Also, it can be noted that the stock gives a positive abnormal

return in the post stock price window as compared to the pre-stock price, and the AAR

decreases in the pre-stock price date period.

The above sample is the 30 companies results. Regarding the average abnormal returns, the

statistics are unanimous: this means the study yields well prove the impact on the profitability

of shareholders of the companies. As the regression test tends to reject the null hypothesis often
55
when abnormal returns are negative (Brown and Warner, 1980), proceed to the comparison of

the regression test below better appreciate the significance of the abnormal returns. Statistics

significant indicates a significant value creation of 1.34% on the day of the announcement of

M&A. Find significant value reduction in seven, Ten, fifteenth, nineteenth, twenty-two,

twenty-five and twenty-nine day after the announcement.

4.3.2 Regression Statistics

Table 6: Regression Statistics

(Created by the researcher)

The impact of one variable on the other is analysed and evaluated with the help of regression

analysis. The above table shows normal, and the abnormal return value of the 30 companies

56
considered in the study. The significance level evaluated in the regression test done above is

0.00. The significance value evaluated for the actual return of AAR is 0.70, which is less than

0.05. Therefore, it denotes that the actual return of the 30 companies in the study is significant.

Same can be stated for the abnormal return of the companies, and the significance value derived

is 7.60. The standard coefficient value for the actual return of ARR derived is 42.211 when the

t-stat value is 0.3, and the P-value is 0.70. As the derived actual return value of AAR is positive,

the result can be considered significant. Similarly, the AAR abnormal return value can also be

considered significant because the derived coefficient value is 34.21 when the t-Stat value

derived is 0.30, and the P-value is 0.76. Both the values denote a positive result and are less

than the derived coefficient value.

Cumulative Average Abnormal Return

Cumulative abnormal returns (CAR) calculated as a sum of the daily AR over the period.

For comparison, we have used the event window of (30, -30). To accept or reject the hypotheses

in this event study, we used the t-statistic and P-value to test for significance at ‘= 0.05 level.

The below table and graph show the results for the Cumulative Average Abnormal returns of

30 companies. Here, we can see that CAAR.

57
Table 7: CAAR Associated with stock return

Event Day Date Total Price Actual Return Expected Return

CAAR
30.00 01/12/2014 2292.14193 0 0 0
29.00 01/01/2015 2318.33487 0.011362481 0.41504713 0.68828103
28.00 01/02/2015 2442.8533 0.676918545 0.41504713 2.45499239
27.00 01/03/2015 2400.29502 1.778073843 0.41504713 1.70637254
26.00 01/04/2015 2467.60061 -0.071701306 0.41504713 -2.8472226
25.00 01/05/2015 2497.73343 -2.77552133 0.41504713 -3.6921457
24.00 01/06/2015 2487.01424 -0.91662433 0.41504713 1.15351633
23.00 01/07/2015 2739.63038 2.070140657 0.41504713 0.80413757
22.00 01/08/2015 2612.92675 -1.266003089 0.41504713 1.25011174
21.00 01/09/2015 2555.1326 2.51611483 0.41504713 3.81765229
20.00 01/10/2015 2877.34653 1.301537455 0.41504713 0.97759082
19.00 01/11/2015 2931.86564 -0.323946632 0.41504713 1.7291379
18.00 01/12/2015 2947.42549 2.053084533 0.41504713 2.68064685
17.00 01/01/2016 2802.61173 0.62756232 0.41504713 1.81894176
16.00 01/02/2016 2731.30043 1.191379438 0.41504713 1.44424384
15.00 01/03/2016 2886.06905 0.252864405 0.41504713 1.26871787
14.00 01/04/2016 2918.94647 1.01585346 0.41504713 0.60738045
13.00 01/05/2016 3015.19506 -0.40847301 0.41504713 -0.9529511
12.00 01/06/2016 2996.43335 -0.544478063 0.41504713 -1.0558523
11.00 01/07/2016 3140.95413 -0.511374277 0.41504713 -2.4179213
10.00 01/08/2016 3158.68549 -1.906547063 0.41504713 -3.9143
9.00 01/09/2016 3221.1044 -2.007752903 0.41504713 0.94581183
8.00 01/10/2016 3141.33761 2.953564734 0.41504713 2.71116177
7.00 01/11/2016 3102.83757 -0.242402969 0.41504713 0.69735136
6.00 01/12/2016 3203.58035 0.939754332 0.41504713 1.9216976
5.00 01/01/2017 3305.03614 0.981943263 0.41504713 2.20949473
4.00 01/02/2017 3402.1762 1.227551469 0.41504713 2.90927509
3.00 01/03/2017 3439.24357 1.681723617 0.41504713 0.6642151
2.00 01/04/2017 3572.56953 -1.017508518 0.41504713 -2.3989347
1.00 01/05/2017 3725.86 -1.38142614 0.41504713 0.37657628
0.00 01/06/2017 3653.55208 1.758002422 0.41504713 2.44095149
-1.00 01/07/2017 3708.32018 0.682949072 0.41504713 1.11924554
-2.00 01/08/2017 3702.01851 0.436296464 0.41504713 1.67162098
-3.00 01/09/2017 3731.20209 1.235324514 0.41504713 0.90928774
-4.00 01/10/2017 3936.61848 -0.326036775 0.41504713 -0.2346086
-5.00 01/11/2017 4071.01463 0.09142821 0.41504713 0.32676745
-6.00 01/12/2017 4102.20577 0.235339242 0.41504713 2.32518838
-7.00 01/01/2018 4596.77168 2.089849142 0.41504713 2.28894777
-8.00 01/02/2018 4449.3201 0.199098624 0.41504713 1.92565477
-9.00 01/03/2018 4251.40022 1.726556144 0.41504713 2.27184642
-10.00 01/04/2018 4363.77293 0.545290275 0.41504713 0.70330187
-11.00 01/05/2018 4509.41986 0.158011595 0.41504713 0.27186906
-12.00 01/06/2018 4621.44135 0.11385746 0.41504713 1.38722795
-13.00 01/07/2018 4893.46946 1.273370494 0.41504713 0.17693238
-14.00 01/08/2018 5156.17291 -1.096438119 0.41504713 -0.1888127
-15.00 01/09/2018 5204.94365 0.907625383 0.41504713 2.71658846
-16.00 01/10/2018 4626.05328 1.808963081 0.41504713 2.88529248
-17.00 01/11/2018 4803.56872 1.076329399 0.41504713 1.85246379
-18.00 01/12/2018 4359.48393 0.776134386 0.41504713 -0.0692699
-19.00 01/01/2019 4735.59067 -0.845404319 0.41504713 0.09473784
-20.00 01/02/2019 4689.5103 0.940142155 0.41504713 1.24819167
-21.00 01/03/2019 4901.59108 0.308049516 0.41504713 0.38946274
-22.00 01/04/2019 5140.52665 0.081413222 0.41504713 0.77828576
-23.00 01/05/2019 4791.30926 0.696872535 0.41504713 1.06941206
-24.00 01/06/2019 5006.22398 0.37253952 0.41504713 0.06984438
-25.00 01/07/2019 5151.289 -0.302695145 0.41504713 0.94491112
-26.00 01/08/2019 5002.53775 1.247606262 0.41504713 0.98377651
-27.00 01/09/2019 5013.41994 -0.263829756 0.41504713 0.2299752
-28.00 01/10/2019 5139.16534 0.493804958 0.41504713 1.33127214
-29.00 01/11/2019 5295.4478 0.83746718 0.41504713 0.57670813
-30.00 01/12/2019 5428.84773 -0.260759049 0.41504713 -0.260759

Cumulative Average Abnormal Return (CAAR) return during event period (-30,30)

(Created by the researcher)

58
 (Source: Made by the Author)

The above graph shows the cumulative average abnormal returns from -28 to +30 days. The

CAAR of the current day was less than previous day for seven days and four days respectively

in pre and post stock return date respectively which means AAR is more in pro stock return

date window as compared to the pre-stock return window. Hence, more positive stock price

date window observed in pro stock return window in comparison with pre-stock return window.

Cumulative average abnormal returns for 61 days (-30 to +30) is as high as 3.82. The

Cumulative average abnormal return curve found to be rising in the post stock return window

more gradually as compared to pre-stock return window. The rise in CAAR begins mainly from

day 10 to day 9, 8 to 5 days and then from day 5 to day 3 with occasional dips. Mainly in above

mentioned days, the escalating trend in CAAR is observed. Hence, it confirms that the stock

gives an abnormal return in the pre-stock return window. Also, in the post stock return window,

59
the decreasing trend is observed after day +1. The day from -1 to +3 shows a great upward

trend and which shows that abnormal return is associated when the time of period of the stock

return come closer. So, in the time frame of 2 to +17 day, investors show great interest in those

stocks.

4.3.3 Regression Statistics

Table 8: Regression Statistics

Regression Statistics
Multiple R 0.0490937
R Square 0.00241019
Adjusted R Square -0.0144981
Standard Error 976.891842
Observations 61

ANOVA
df SS MS F Significance F
Regression 1 136033.0719 136033.1 0.142544853 0.70711887
Residual 59 56304742.54 954317.7
Total 60 56440775.61

Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0%
Intercept 3759.33237 133.1457693 28.23471 5.73897E-36 3492.908302 4025.75644 3492.908302 4025.756439
Actual Return 42.211132 111.8024264 0.377551 0.70711887 -181.5050065 265.92727 -181.505006 265.9272705

Regression Statistics
Multiple R 0.07903109
R Square 0.00624591
Adjusted R Square -0.0105974
Standard Error 975.011963
Observations 61

ANOVA
df SS MS F Significance F
Regression 1 352524.2276 352524.2 0.370825064 0.544892576
Residual 59 56088251.39 950648.3
Total 60 56440775.61

Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0%
Intercept 3735.91971 141.5605427 26.39097 2.3133E-34 3452.657716 4019.1817 3452.657716 4019.181699
CAR 49.7918306 81.76615066 0.608954 0.544892576 -113.821859 213.40552 -113.821859 213.4055201

(Created by the researcher)

The above regression table evaluated the relation of the 30 companies with their CAAR. The

significance level considered in the analysis is 0.00, with the confidence interval of 95%. The

60
regression significance value derived is 0.70 for the normal return and 0.54 for the Cumulative

abnormal return. The standard coefficient value derived for the normal return is 42.21 for the

normal return when the t-stat value is 0.37, and the P-value is 0.70. The standard coefficient

value is more than the other values denoted positively; the result can be considered significant.

Same can be stated for the abnormal return as the standard coefficient value is 49.79 when the

P-value is 0.54, and the t-stat value is 0.61. The R-value derived for the actual return of CAAR

is 0.049 and for Cumulative abnormal return is 0.079. This also means that the dependency of

the companies on CAAR may change with changes in variables. There is also a difference seen

in the R square value and the adjusted R square value.

4.4 Summary

From the overall analysis, it is clear that M&A deals are one of the key contributors to the

economy of the United Kingdom. Moreover, the transactions and value contributed to M&A

make the flow of stock exchange constant or improve it. Though, before 2017 there was a rapid

decline in this transaction overall the country. Still, the situation is always better than the global

value added to the global economy through the contribution of M&A deals. Though, the

economic impact due to M&A slows down in the country from 2018. In 2020, the global

pandemic impacted severely in the value creation, and the number of deals also decreased

together with their GBP values. On the other hand, the companies become little worried about

the risks and their impact on M&A (Schneider and Spalt, 2017). Still, the trend mentioned

given in the thematic analysis of this section rise hope about the improvement in the M&A

deals of the country near future.

61
 5 Discussion and implication

5.0 Discussion

In this chapter, an overall discussion given on the research and its findings also makes a link

between the research objectives, questions, and the findings at last. For example, there is an

objective in the first chapter that wanted to show the impact of M&A deals on the economy.

This is shown in the last theme of the findings in the previous chapter. Different journals and

official sites have taken to show the economic reaction due to M&A deals in the country (Alex

and Varghese, 2019). Not only that but also the trend of the M&A given in the findings and

analysis to answer the research questions with data. This data is also visualised with different

graphs and charts so far. As per the market research, it has been found that the most important

factor found for doing effective Merger and Acquisition involves different factors. In this

context, sound diligence, proper identification of the target, economic certainty, effective

integration of Merger and Acquisition along with stable regulatory environment has made the

US more successful in terms of Merger and Acquisition (deloitte.com, 2020). There are no

doubts that stock markets in the United Kingdom are highly reactive by the deals in the

financial sector (Bessler et al.,2020). One of the main reasons for it is the M&A of different

companies in this sector for years.

Moreover, the researcher also compares the similarities and difference in M&A deals in the

UK, Germany, and Ireland. This was found that the UK and Ireland have many similarities.

However, the number of M&A deals is much more than the two countries. Still, the production

of Germany grows faster than that of the US through the deals of M&A.

M&A performance was not very well, as seen in the findings and the graphs presented in the

previous chapter. Mostly, the performance and number of Merger increased since 2017, but the

62
overall amount contributed through it from 1985 was more than five thousand billion GBP.

The performance was always better comparing the performance and contribution of Merger

and Acquisition of the global stock exchange so far (Schriber, 2020). According to the first

objective of the research study, the researcher wants to find the capability of M&A in value

creation. Now, this is nicely given in the last themes with valid data and graphical

representation from valid sources as well. The first theme, named “effectiveness of M&A on

behavioural finance” also defines the abilities of M&A in value creation. Apart from this, the

researcher also includes in the first objective that it wants to find the value-creating using

different concepts. Again, the second theme delivered the M&A strategies and established the

concepts in value creation and achieves this object fully. Besides this, the last two themes in

chapter 4 also included the value-creating in production and running of the stock exchange.

Moreover, it establishes a concrete context that M&A is more important and creates more value

in the UK than all over the world (Ghosh and Dutta, 2016). The second objective of the research

was determining the effect of the announcement of M&A. The literature review section mainly

achieves this objective. The merger and acquisition deal is one of the long-term deals in any

kind of businesses. There is a long gap between the actual M&A deal completion and its

announcement. In this time period, the companies are undergone through different inside and

outside, environmental and structural changes (ons.gov.uk, 2020). Many complications might

arise many problems; for example, the M&A deals cannot be linked with economic events.

Because many times a deal get cancel because of the long gap in its completion from its

announcement. At that time, it does not create and contribute any significant value to the

economy.

63
This discussion also achieves the third objective of the study as one of the main challenges

faced in performing the successful M&A deals between two or more companies is the long-

time taken in completing the deal. However, there are other many problems which can be

categorised as internal or external problems. Internal problems include the differences in the

structure of the companies, which might be opposite each other and create problems in

successful merging. On the other hand, it also increases the cost of a single M&A deal. It also

creates problems in financial protectionism in the merging activities and impact on the

shareholders’ wealth as well (Godsellet al.,2018). Sometimes these transactions take years

which make it hard to connect with the economic and political event.

On the other hand, cross border or outward M&A have many other problems as it needs to deal

with policies, rules and regulations of different countries. In this case of cross border

acquisition, the changes, as well as the challenges, are much unexpected or uncertain (Khan

and Salman, 2019). The risks in the process of M&A are high as after several months of

operation it can get failed. For which, both the companies might lose their shares in the market,

which also impacted negatively on the stocks nationally and internationally. Thus, the third

objective of the research also helps in finding the understanding of the challenges faced in

different types of merging activities. The last objective of this study recognises the mitigation

stages of the challenges mentioned earlier. Also, this met in the literature review. Though, as

mentioned in the last chapter that M&A challenges would be lowered after the global

pandemic, in this chapter also shown with graphical effects that in 2018, the M&A value and

number of deals reach its peak, that means, most of the problems mitigated in this process.

Similarly, the increasing number of M&A deals increasing each year pointed out that the time

takes in announcement and completion of a deal in decreasing. That is why; the number is

rising and creates more value to the economic and political events of the country.

64
5.1 The implication of the research on future study

Thus, from the present research, it is evident that Mergers and Acquisition of companies hold

vital significance not only for the companies which undergo the merging but even for the

benefits of the shareholder wealth. The study successfully demonstrates how mergers and

acquisitions impact on the wealth of the shareholders by delineating the various types of

positive as well as negative performance in the abnormal average return and as well as the

cumulative average return. It can be said that capitalisation of the market of the various

company’s increases after a merger takes place, which further directs towards the gain of the

stakeholders (Srivastava, 2018). The present study even reflects the fact that such mergers, as

well as acquisitions, are utilised as an effective tool so as to improve the performance of the

company. Thus it can be said that one of the vital implications of the present study is that it

presents the efficiency of mergers in relation to the gain of the shareholders which serves to be

an effective tool for the increasing financial stability. In reference to the outcomes of the present

study, companies can utilise mergers as well as acquisitions as a profitable space of

opportunity. If profit is said to rise due to lower scale of costs through the criteria of higher

productivity as well as higher economies of sales the results might emerge as lower price values

for the consumers and even improved economic well-being as in whole (Israil and Khan, 2017).

Studying the various variables as well as the objectives undertaken for the present research, the

outcomes of the same would help to implicate the companies about the utility of mergers and

acquisitions. As for practical instance, a company would take the step to merge with another

company in the hope of business growth or to minimise its level of competition. Companies

would even gain the knowledge and understanding related to the impact of mergers and

acquisitions on the capital structure of the business, its level of the stock price as well as its

aspects of future growth (Anthony, 2019). If the mergers and Acquisition occur through a stock
65
deal price, the acquiring company is liable to purchase the assets, liabilities, along with the

seller contracts. The employer of the company is further at authority to recruit new employees

in order to serve the benefits of the business plan or even format a brand new business plan.

Understanding of the impact of such changes on shareholder’s wealth further enriches the

implications of the present study. This grasped concept enables several businesses to take wise

steps in the context of mergers and Acquisition to keep the business growth factor on a stable

ratio as well as provide ample satisfaction to the shareholders by bringing positive impact on

the shareholder’s wealth value (Sharma and Raat, 2016). After such mergers and acquisitions

are said to take place in an official manner, the stock price of the company which is newly

formed is usually seen to be more as compared to the value that each company possessed in

the pre-merge stage (revealed from this study and even supported by various others). In the

absence of any form of economic instability, shareholders of the company which is merged are

usually seen to experience sort of favourable as well as long-run better performance ratio and

even dividends thereby increasing the value factor of their wealth and shares (Reddy et

al.,2016).

Apart from the above implications, the present study even dictates on the various ways through

which the shareholders of the companies that constitute of the merging process would further

experience a certain form of dilution of voting power as an outcome of the increase in the

number of released shares. This phenomenon is said to benefit prominently for the stock-for-

stock type of mergers within which the newly formed company present offering of its shares

in exchange for the target company shares at a pre-agreed rate of conversion. At certain times,

shareholders of the acquired company experience a certain amount of marginal losses of the

power of voting while the shareholders belonging to a smaller sized kind of Target Company

might experience a significant downfall of its voting powers within a relatively large

66
stakeholders’ alumni (Dierkset al.,2018). Thus, it can be inferred that the present study would

help to understand such shareholders’ framework along with their associated wealth in the

context of mergers and acquisitions and its impact on the same. The present study even

highlights the several problems associated with mergers and acquisitions and its impact on the

business and shareholders, which would further help to deal with such challenges before

undertaking any such business decisions. The various variables delineated by this study further

provides the companies with the understanding to undertake required measures in order, to

effectively balance the impact of mergers and Acquisition on shareholder wealth within

companies.

67
 6 Conclusion and recommendation

6.0 Conclusion

Thus, to conclude that the present study effectively delineates the impact of mergers and

acquisitions on the shareholder’s wealth within companies. In order to establish the impact

analysis of the undertaken context, the present study successfully formulates both quantitative

and qualitative analysis of the findings along with relating the relevance of the findings against

the literature review. Further helps to assess and even establish the reliability as well as the

validity of the present research. On extracting further conclusion, stated that the present

research successfully determines the ability of mergers and Acquisition in the creation of value

for the company as well as on the shareholder’s wealth and stock return. However, dictating

the conclusion of the resent study it is even vital to include the various literature gaps that the

present study fails to address within the research. Overall, to conclude that the current research

effectively assesses the average abnormal return (AAR) and cumulative average abnormal

return. During the event of mergers and acquisition process within a company utilising

effective statistic tools and even demonstrated the various issues and challenges faced by

certain companies along with their shareholders in the process of mergers and Acquisition

specifically in current terms. The findings of the research accept H2 and reject H0 and H1,

indicating there exists significant CAAR, in the event window of the company due to the

announcement of mergers and acquisitions.

6.1 Linking with objectives

Throughout the entire study, it can be said that a Merger and Acquisition benefitted, only if it

leads to certain operational as well as financial benefits for the company. That the individual

companies could not harness all by themselves, thereby creating a certain regiment of value for

68
shareholders of both the companies. Thus linking the research objectives with the present

findings, the below points demonstrated:

Objective 1: To determine the ability of Merger and Acquisition in value creation by

exploring their concept

While linking the present findings with the same, it can be said that in the process of mergers

and acquisitions in the context of value creation. The value of both acquirer as well as, of the

acquired increases, which further indicates an increase in the announced deals. If the combined

process delivers positive returns, then the mergers are perceived to have certainly created value

for the overall market as well as for investors within the index funds.

Objective 2: To demonstrate the effects of the announcement of Merger and

Acquisition on stock return and shareholders wealth

The results from the present findings reveal that both the acquiring company, along with the

shareholders of the target company generates a heavy amount of positive returns. On the

announcement of certain acquisitions irrespective of the period of the announcement of the

deals whereas on the other hand, mergers generate a certain loss of wealth for the acquired

company across all form of periods (Popliet al. 2017).

Objective 3: To identify the challenges faced while performing successful Merger and

Acquisition

Findings of the study indicated certain prominent challenges with a merger or Acquisition are

lack of motive in the Acquisition of the other company keeping in target the wrong company,

overestimation of synergies, problems associated with overpaying as well as exogenous risks

and most importantly losing the trust of important stakeholders of the company (Sinclair and
69
Keller, 2017). These identified challenges addressed to be certain prominent challenges during

the process of performing a successful merger as well as acquisitions.

Objective 4: To recommend mitigation strategies for overcoming the challenges faced

for making successful Merger and Acquisition (M&A)

Certain mitigation strategies that the present research indicates for overcoming the challenges

faced for making successful Merger and Acquisition are as follows:

- establishing an effective communication channel during the process of mergers and

acquisitions that would further boost higher engagement of the employee and win over the trust

of the shareholders (Koi-Akrofi, 2016)

- maintaining the same company culture would help in the reduction of employee turnover

6.2 Recommendation

The present section establishes several mitigation strategies that would help in overcoming the

several challenges to ensure successful mergers and even acquisitions. This section delineates

certain recommendations to place such established mitigation strategies effectively:

➢ Greater alignment of the employees to core values by redefining the same to the

employees which would further increase employee engagement (Thakkar, and Nakum,

2019)

➢ Establish open communication channel that would foster more positivity within the

work environment as well as direct employees to feel more connected with the

organisation

70
 ➢ Frequent level of check-ins with the employees to update them with every aspect of the

M&A process

➢ More investment within the company culture through effective training and team

building

➢ Scheduling of regular meeting with the team, sending regular updates through the mail

during cases of any occurrence of changes. The employees should even provide with

the opportunity of Question and Answer sessions to clarify their doubt (Kiesel et

al.,2017).

6.3 Research limitation

On commenting on the aspect of research limitations, it can be said that the occurrence of the

same exists due to certain uncontrolled constraints on the design of the research. Or on its other

aspects of methodology which further impacts the findings of the study. The section of research

limitation would discuss the limitations associated with the present study in two primary

categories firstly the limitations associated with the undertaken methodology of the subject and

secondly, the limitations related to the issues of the researchers. Highlighting the first category,

and it can be said that the present research comprises the challenge of selection. Time

constraints for the present study restricted inclusion of larger sample size as well as analysis of

larger data which points on the generalizability of the research findings. However, the current

findings and analysis have been put forward using credible resources and statistical tools, and

also the data analysis has shown quite potential results in the alignment of the literature studies.

Another limitation of the present research is the lack of current research studies on the

undertaken topic. Though there prevail quite a lot of studies on Mergers and Acquisitions and

its impact on shareholders, it was seen that there was a potential crisis of validated findings in

the context of assessing AAR and CAAR in the process of mergers and acquisitions. Therefore,
71
the limited availability of pre-existing data identified to be potential limitations of the present

research.

In the context of another category stating the research limitations from the researcher’s

analysis, it can be said that though the present study conducted taking into account. All the

vital research technique as well as ethical considerations in gathering data, the researchers

could have utilised more potential methods to acquire primary qualitative data. The statistical

tool- SPSS and the thematic analysis process within the research would have been more

effective in terms of its effectiveness and utility. Due to the limited knowledge of the researcher

in utilising the SPSS software, the present research conducts basic statistical calculations. And,

the restricted availability of pre-existing resources, as stated in the above context, created wide

restrictions for the researcher to develop an effective thematic analysis on the undertaken topic.

7 Ethical considerations

The research has to be followed by ethics and various consideration under the UK Law that is

effective to deal with some multiple activities. Moreover, the discussion and analysis of the

research results should be respected and adequately protected according to the Data Protection

Act of 2018 (Tampakoudis and Anagnostopoulou, 2020). Hence, the information and

knowledge of the research can be sufficient to understand its impact on shareholders and wealth

of the company.

8 Gantt chart

[Refer to appendix 4]

72
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 10 Appendices

10.0 Appendix 1(30 companies’ data)

The Walt Disney

Exxon Mobil
Company
Alphabet
Corporation
Inc.
Vodafone
(GOOGL)
(XOM)
Pfizer
Group
Inc.
Verizon
Plc
(PFE)
(VOD)
Altria
Communications
Group,
PhilipInc.
Morris
AT&T
(MO)
Inc.
International
(VZ)
Inc.
Comcast
(T) The
Corporation
Inc.
Travelers
(PM)
BankCompanies,
of
(CMCSA)
Berkshire
AmericaThe
Corporation
Hathaway
Inc.Blackstone
(TRV)
General
Inc.
(BAC)
Baker
(BRK-B)
Group
Electric
Hughes
L.P.
Microsoft
Company
(BX)
Company
Duke
Corporation
(GE) Energy
(BKR)
Visa Inc.
(MSFT)
Corporation
Amazon.com,
(V) (DUK)
CenturyLink,
Inc.Comcast
(AMZN)
Inc.
CVS
Corporation
(CTL)
Health
CignaCorporation
Corporation
(CMCSA)
Energy Transfer
Merck
(CVS)
(CI) &
Citigroup
LP
Co.,
(ET)
Inc.
Medtronic
Inc.
(MRK)
(C)
Occidental
plc (MDT)
General
Petroleum
MotorsCorporation
Company (GM)(OXY)
Date Total PriceActual Return
01/12/2009 27.77 47.73 310.30 12.31 12.22 18.63 11.10 28.99 15.44 6.88 38.24 13.35 65.72 6.83 10.44 23.42 23.86 31.58 17.96 134.52 15.48 6.88 25.97 35.07 1.80 25.12 29.73 34.71 52.22 43.43 1127.69
01/01/2010 25.74 45.10 265.24 11.44 12.53 16.55 11.42 27.70 13.97 6.46 39.12 13.46 76.43 6.31 11.17 26.20 22.06 30.34 16.85 125.41 14.54 6.46 26.10 33.58 1.89 26.52 29.82 33.85 50.51 44.09 1070.82 -0.05
01/02/2010 27.21 45.50 263.66 11.60 11.79 16.52 11.57 29.82 13.87 6.74 40.60 14.77 80.13 7.27 11.16 27.81 22.44 30.01 17.51 118.40 14.65 6.74 27.28 34.06 1.91 25.61 30.53 34.41 51.48 45.66 1080.73 0.01
01/03/2010 30.41 47.19 283.84 12.42 11.63 17.72 11.80 31.75 14.45 7.72 41.64 15.83 81.27 7.28 12.73 27.19 23.03 30.39 18.81 135.77 15.16 7.72 29.55 36.37 2.13 25.94 36.37 35.70 54.50 45.65 1151.97 0.06
01/04/2010 32.09 47.75 263.11 11.83 11.33 16.50 12.39 30.21 14.57 8.11 39.41 15.82 77.00 7.42 13.19 28.88 24.02 31.25 18.64 137.10 14.90 8.11 29.84 31.91 2.16 24.59 39.25 34.64 57.40 44.85 1128.28 -0.02
01/05/2010 29.11 42.60 243.06 10.71 10.32 15.98 11.87 27.16 13.81 7.46 38.43 13.97 70.55 5.66 11.43 22.14 20.29 29.72 14.97 125.46 15.00 7.46 28.06 33.32 1.94 23.64 35.56 31.20 53.42 44.41 1038.69 -0.08
01/06/2010 27.44 40.48 222.70 11.02 9.77 16.27 11.72 28.21 13.74 7.16 38.26 12.75 79.69 5.12 10.08 24.20 18.18 30.22 14.71 109.26 14.55 7.16 23.76 30.92 2.27 24.54 33.77 28.89 49.95 43.61 990.38 -0.05
01/07/2010 29.34 42.33 242.67 13.04 10.28 17.99 13.19 31.81 14.74 8.03 39.48 12.47 78.12 5.97 11.35 28.10 20.39 32.30 15.25 117.89 15.89 8.03 24.87 30.62 2.39 24.45 36.82 29.44 50.71 44.47 1052.41 0.06
01/08/2010 28.34 41.93 225.24 13.44 10.90 18.61 13.28 32.01 15.63 7.09 38.34 11.06 78.78 5.40 10.19 21.95 18.54 32.45 14.34 124.83 16.13 7.09 21.92 32.07 2.34 24.95 33.32 25.20 47.55 43.72 1016.65 -0.03
01/09/2010 28.83 44.14 263.16 13.77 11.89 20.54 14.29 34.92 16.53 7.49 40.77 11.63 82.68 6.85 11.44 24.88 19.45 33.92 15.54 157.06 17.60 7.49 25.57 35.62 2.66 26.12 35.11 26.91 50.95 43.94 1131.79 0.11
01/10/2010 31.47 47.50 307.16 15.27 12.07 20.47 15.37 36.89 16.49 8.55 43.51 10.17 79.56 7.28 11.36 27.11 21.18 34.88 16.35 165.23 18.83 8.55 24.48 35.00 2.80 26.03 37.45 28.23 51.43 46.58 1207.28 0.06
01/11/2010 31.80 49.69 278.13 13.91 11.29 20.47 14.51 35.87 16.30 8.35 42.56 9.73 79.68 6.91 11.23 30.56 20.06 33.62 15.45 175.40 19.57 8.35 25.26 36.64 2.83 24.71 37.72 27.05 57.67 45.09 1190.44 -0.01
01/12/2010 32.67 52.57 297.28 14.93 12.25 22.88 14.89 36.90 17.23 9.15 43.92 11.85 80.11 7.70 12.97 33.50 22.30 34.58 14.85 180.00 21.01 9.15 28.34 36.49 2.96 25.84 42.48 29.92 64.17 47.50 1260.40 0.06
01/01/2011 34.23 58.00 300.48 16.02 12.75 22.78 14.43 36.48 16.14 9.48 44.64 12.21 81.75 8.56 14.40 40.14 22.16 34.71 14.73 169.64 20.01 9.48 27.87 41.83 2.94 24.04 43.29 30.92 63.51 46.61 1274.23 0.01
01/02/2011 38.52 61.49 307.01 16.17 13.47 23.92 15.58 40.01 16.89 10.78 47.55 12.71 87.28 9.68 14.96 41.63 21.24 34.92 15.41 173.29 19.06 10.78 27.04 41.88 3.04 23.60 42.03 32.40 66.98 46.90 1316.21 0.03
01/03/2011 37.94 60.80 293.67 16.24 14.36 24.97 15.98 41.83 18.21 10.35 47.20 11.86 83.63 9.73 14.44 43.12 20.41 35.72 15.66 180.13 19.55 10.35 28.07 44.08 3.60 23.92 39.69 31.94 68.64 45.82 1311.90 0.00
01/04/2011 37.95 63.58 272.32 16.45 14.83 24.48 16.73 44.71 18.52 10.97 50.52 10.93 83.30 10.49 14.73 45.46 20.83 36.70 16.61 195.81 19.19 10.97 29.62 46.66 3.68 26.36 41.22 33.89 75.43 48.27 1341.21 0.02
01/05/2011 36.66 60.32 264.77 15.83 15.17 24.23 17.49 46.20 19.05 10.61 49.56 10.46 79.07 9.55 14.14 43.41 20.10 36.90 17.24 196.69 20.32 10.61 31.76 49.71 3.38 26.94 36.96 33.23 71.18 50.25 1321.78 -0.01
01/06/2011 34.38 59.15 253.44 15.09 14.71 24.43 16.46 42.99 18.95 10.65 46.61 9.75 77.39 9.23 13.58 42.70 21.04 37.53 18.05 204.49 19.02 10.65 30.84 51.24 3.79 25.87 37.40 31.45 68.66 47.68 1297.25 -0.02
01/07/2011 34.01 57.99 302.15 16.45 13.75 23.16 16.62 46.25 17.66 10.10 44.31 8.65 74.17 9.26 13.01 45.53 22.17 37.07 18.33 222.52 17.76 10.10 29.83 49.59 3.49 25.29 34.44 29.43 65.10 46.12 1344.29 0.04
01/08/2011 29.99 53.80 270.75 15.42 13.55 24.05 17.19 45.05 17.42 9.08 40.56 7.28 73.00 7.64 11.85 35.96 21.52 37.69 18.83 215.23 17.30 9.08 29.57 46.57 3.23 24.53 27.90 28.81 57.52 48.15 1258.51 -0.07
01/09/2011 26.56 53.14 257.78 15.02 12.77 24.46 16.95 40.54 17.45 8.83 39.17 5.46 71.04 6.73 11.06 27.21 20.26 40.41 18.49 216.23 15.85 8.83 27.66 41.79 3.12 24.23 23.02 27.31 47.41 47.77 1196.55 -0.05
01/10/2011 30.71 57.13 296.62 16.29 13.91 24.58 17.69 45.95 17.93 9.90 47.30 6.09 77.86 8.26 12.26 34.19 21.68 41.27 20.12 213.51 17.22 9.90 29.92 44.18 3.44 25.87 28.38 28.54 61.99 48.38 1311.11 0.09
01/11/2011 31.57 58.85 299.99 15.89 14.49 25.43 18.42 50.14 18.00 9.62 45.60 4.85 78.76 7.71 11.67 32.20 20.83 42.14 20.92 192.29 18.33 9.62 32.10 44.07 3.17 26.81 24.69 30.16 65.96 49.22 1303.53 -0.01
01/12/2011 33.02 62.38 323.27 17.07 15.78 27.04 19.04 51.62 18.79 10.07 47.96 4.97 76.30 7.93 13.14 28.76 21.30 45.01 22.11 173.10 18.17 10.07 33.70 41.85 3.91 28.27 23.65 31.67 62.50 50.85 1323.28 0.02
01/01/2012 34.83 61.63 290.35 16.49 15.61 25.38 18.48 49.68 18.27 11.34 47.61 6.37 78.37 8.95 13.86 29.05 24.22 43.60 21.91 194.44 18.45 11.34 34.51 44.67 4.12 29.05 27.61 31.93 66.87 48.06 1327.05 0.00
01/02/2012 37.60 63.66 309.43 16.50 15.41 26.02 19.59 55.49 19.28 12.55 47.34 7.12 78.45 8.84 14.12 29.73 26.04 42.80 25.34 179.69 20.05 12.55 37.41 43.95 4.19 28.97 29.95 31.76 69.96 51.96 1365.75 0.03
01/03/2012 39.20 64.18 320.94 16.85 16.69 26.10 20.09 58.87 19.69 12.80 48.35 8.56 81.15 9.02 15.01 24.87 26.64 43.49 25.89 202.51 19.26 12.80 37.17 49.07 10.63 29.14 32.86 32.65 63.83 51.64 1419.97 0.04
01/04/2012 38.60 63.89 302.73 16.95 16.87 27.57 21.25 60.00 20.74 12.95 52.91 7.26 80.45 7.79 14.64 26.16 26.44 44.36 26.99 231.90 19.57 12.95 37.02 46.10 4.29 30.11 29.71 31.82 61.49 48.90 1422.39 0.00
01/05/2012 40.93 58.19 290.72 16.32 16.12 28.81 21.24 56.64 21.84 12.40 51.40 6.58 79.36 6.91 14.28 24.75 24.10 45.50 25.28 212.91 19.90 12.40 37.42 43.79 3.71 28.84 23.84 30.88 53.43 48.27 1356.75 -0.05
01/06/2012 43.42 63.76 290.33 17.16 17.12 30.74 22.79 58.49 22.80 13.71 52.51 7.33 83.33 7.57 15.59 24.46 25.42 48.29 27.33 228.35 20.04 13.71 38.91 43.88 4.45 32.04 24.65 32.46 57.81 47.46 1415.93 0.04
01/07/2012 44.00 64.71 316.80 18.20 17.89 31.23 24.02 61.84 24.24 14.03 51.93 6.58 84.84 8.02 15.70 27.56 24.49 47.32 28.54 233.30 21.48 14.03 37.68 40.17 4.66 34.27 24.40 33.04 59.07 50.01 1464.06 0.03
01/08/2012 44.29 65.05 342.89 18.31 17.76 30.04 22.68 60.40 23.71 14.46 53.66 7.16 84.34 7.81 15.67 27.13 25.62 45.22 28.36 248.27 21.85 14.46 38.06 45.64 4.77 33.40 26.72 34.31 57.70 52.52 1512.24 0.03
01/09/2012 46.81 68.58 377.63 18.04 18.66 31.88 22.30 60.83 24.40 15.41 56.58 7.91 88.20 8.33 17.18 27.00 24.90 45.74 29.89 254.32 20.89 15.41 40.45 47.04 5.21 34.99 29.44 36.39 58.41 54.21 1587.04 0.05
01/10/2012 43.98 68.37 340.49 17.24 18.68 31.23 21.51 60.45 22.39 16.18 59.22 8.36 86.35 8.96 16.06 25.05 23.88 46.38 30.89 232.89 20.18 16.18 38.77 50.86 5.08 35.74 33.64 35.09 53.96 54.12 1522.17 -0.04
01/11/2012 44.46 66.10 349.53 16.33 18.79 31.21 22.87 61.35 22.35 16.11 59.12 8.85 88.08 8.57 16.11 25.76 22.27 45.06 33.33 252.05 20.43 16.11 38.99 52.13 5.24 34.70 31.10 35.75 51.40 55.03 1549.18 0.02
01/12/2012 44.58 65.31 354.04 16.28 19.01 30.61 21.27 57.09 22.07 16.18 59.95 10.42 89.70 9.15 16.01 24.47 22.53 45.61 34.06 250.87 20.57 16.18 40.54 53.31 5.56 32.06 35.60 34.82 52.36 53.50 1553.72 0.00
01/01/2013 48.98 67.89 378.22 17.65 20.67 30.85 23.10 60.82 22.78 16.57 65.91 10.17 96.93 10.86 17.15 26.79 23.15 49.14 35.48 265.50 21.68 16.57 42.93 58.18 6.18 34.20 37.94 39.80 60.79 59.23 1666.10 0.07
01/02/2013 49.63 67.58 401.00 16.24 20.92 33.30 23.01 63.29 23.81 17.31 67.55 10.08 102.16 11.10 17.88 26.94 23.45 49.50 35.64 264.27 18.58 17.31 43.05 58.30 6.50 33.79 37.78 38.40 56.69 60.52 1695.59 0.02
01/03/2013 51.64 68.43 397.49 18.35 22.06 35.17 23.58 63.96 24.33 18.26 70.72 10.95 104.20 11.88 17.95 27.90 24.33 52.47 38.48 266.49 18.83 18.26 46.30 62.20 11.98 34.95 39.82 40.11 53.97 61.22 1736.29 0.02
01/04/2013 57.13 67.58 412.70 19.77 22.22 38.58 25.36 66.56 24.84 17.97 72.15 11.06 106.32 12.34 17.31 27.28 28.15 54.35 38.17 253.81 20.44 17.97 48.99 66.03 7.55 37.52 42.00 39.87 61.97 60.99 1777.00 0.02
01/05/2013 57.35 68.71 436.05 18.71 20.82 35.06 25.08 63.30 23.48 17.56 70.72 12.28 114.07 13.34 18.11 27.34 29.68 48.38 40.37 269.20 18.58 17.56 48.68 67.76 7.36 37.28 46.80 43.81 63.92 61.43 1822.76 0.03
01/06/2013 57.41 69.09 440.63 18.58 21.59 36.40 24.31 60.31 23.76 18.25 67.51 11.56 111.92 12.84 18.00 27.82 29.58 49.31 41.72 277.69 19.53 18.25 48.34 72.34 8.05 37.08 43.19 44.20 61.95 61.61 1832.82 0.01
01/07/2013 58.77 71.69 444.32 20.06 22.53 35.78 24.66 62.71 23.67 19.70 71.01 13.13 115.87 13.75 19.08 28.61 27.27 51.87 40.41 301.22 19.80 19.70 51.98 77.67 8.98 38.81 46.94 47.44 62.27 64.26 1903.96 0.04
01/08/2013 55.30 66.65 423.87 21.66 21.92 34.61 23.83 58.67 22.99 18.48 67.91 12.70 111.22 13.44 18.11 28.04 28.61 47.92 39.81 280.98 18.30 18.48 49.26 78.53 8.66 38.10 43.51 44.68 61.68 62.80 1820.75 -0.04
01/09/2013 58.63 66.25 438.39 23.56 22.33 34.09 24.16 60.89 22.99 19.81 72.05 12.41 113.51 15.32 18.70 29.71 28.70 49.33 43.95 312.64 17.33 19.81 48.15 76.70 9.22 38.36 43.68 45.98 65.41 60.94 1893.00 0.04
01/10/2013 62.35 69.01 515.81 24.68 23.85 36.89 26.54 63.33 24.60 21.00 73.81 12.57 115.09 16.18 20.63 35.15 30.54 52.98 45.23 364.03 19.02 21.00 52.83 76.82 9.47 36.65 43.93 49.56 67.69 65.10 2076.33 0.09
01/11/2013 64.13 71.98 530.33 24.84 24.66 36.65 26.37 60.78 24.25 22.00 77.60 14.24 116.53 17.74 21.04 34.55 32.89 51.68 46.79 393.62 17.24 22.00 57.03 87.27 10.91 40.51 47.67 49.75 66.90 68.43 2160.36 0.04
01/12/2013 69.45 78.45 560.92 26.73 23.99 36.30 27.37 61.91 24.22 22.92 77.43 14.01 118.56 19.55 22.12 33.52 32.51 51.54 51.62 398.79 18.20 22.92 60.96 87.30 11.92 40.69 46.94 49.81 67.00 66.15 2223.81 0.03
01/01/2014 66.82 71.44 591.08 25.20 23.81 35.47 25.43 56.14 22.95 24.11 69.91 15.09 111.60 20.33 20.00 34.36 32.88 52.74 49.94 358.69 16.49 24.11 57.68 86.13 12.17 43.45 42.72 49.33 62.14 62.26 2164.47 -0.03
01/02/2014 74.37 74.63 608.43 27.73 25.15 35.53 26.18 58.13 22.29 22.89 72.11 14.89 115.78 20.70 20.27 38.49 33.29 52.93 52.38 362.10 17.86 22.89 62.80 79.43 12.73 46.75 43.81 51.69 68.49 64.40 2229.11 0.03
01/03/2014 73.69 76.26 557.81 24.86 25.36 35.52 27.02 58.82 24.48 22.15 73.20 15.49 124.97 21.02 20.79 39.55 35.89 53.77 50.41 336.37 18.76 22.15 64.28 83.56 13.88 46.57 42.88 53.68 67.62 65.99 2176.81 -0.02
01/04/2014 73.02 79.95 534.88 25.64 24.70 34.89 29.34 62.11 24.92 23.02 78.38 13.64 128.85 18.67 21.59 42.52 35.37 56.24 47.31 304.13 20.29 23.02 62.44 79.92 13.83 48.41 43.16 51.31 68.47 67.58 2137.61 -0.02
01/05/2014 77.32 78.48 571.65 23.65 23.40 37.72 30.40 64.37 25.08 23.22 80.86 13.64 128.34 19.87 21.51 42.89 35.84 53.67 50.17 312.55 21.89 23.22 67.50 89.64 15.13 47.83 42.86 53.48 71.29 66.67 2214.13 0.04
01/06/2014 78.91 79.14 584.67 22.55 23.64 36.94 30.68 61.29 25.00 23.87 81.40 13.85 126.56 21.37 21.10 45.38 36.77 56.63 49.58 324.78 21.04 23.87 64.96 91.83 17.77 47.82 42.44 55.87 73.39 64.85 2247.98 0.02
01/07/2014 79.04 77.77 579.55 23.27 22.86 38.07 30.04 60.25 25.17 24.00 77.94 13.75 125.43 20.89 20.37 41.92 38.06 55.06 49.65 312.99 23.13 24.00 65.81 89.90 16.40 47.26 44.07 54.10 70.40 63.81 2214.94 -0.01
01/08/2014 82.72 78.18 582.36 24.06 23.62 38.02 31.87 62.87 25.04 24.44 82.43 14.51 137.25 21.76 21.04 42.25 40.06 56.48 50.00 339.04 24.17 24.44 68.72 94.45 18.53 50.07 46.55 56.22 74.74 69.13 2305.01 0.04
01/09/2014 81.94 74.44 588.41 23.04 23.77 38.15 33.99 61.27 25.24 24.02 81.76 15.38 138.14 20.43 20.75 39.75 41.13 57.72 50.59 322.44 24.43 24.02 68.84 90.55 18.85 49.38 46.70 54.54 69.28 69.65 2278.59 -0.01
01/10/2014 84.10 76.54 567.87 23.27 24.07 38.35 36.19 66.16 24.95 24.82 88.24 15.52 140.16 19.55 21.09 32.36 41.66 63.42 57.24 305.46 24.78 24.82 74.22 99.41 17.83 48.61 48.25 60.01 64.55 72.59 2286.11 0.00
01/11/2014 85.14 71.66 549.08 25.61 25.03 39.04 37.63 64.61 25.68 25.58 91.44 15.41 148.69 22.07 21.64 34.94 42.42 62.45 61.21 338.64 24.36 25.58 79.29 102.73 18.41 50.68 48.65 65.36 57.90 75.80 2336.74 0.02
01/12/2014 86.68 73.70 530.66 24.32 25.25 36.10 36.89 60.54 24.38 26.02 92.66 16.18 150.15 22.28 20.65 34.37 41.47 65.11 62.65 310.35 23.96 26.02 83.59 102.75 17.79 47.65 48.78 63.88 60.97 76.35 2292.14 -0.02
01/01/2015 84.78 69.69 537.55 25.01 25.33 35.28 40.17 60.37 23.89 23.84 90.48 13.74 143.91 24.59 19.71 35.55 36.07 67.92 60.90 354.53 22.50 23.84 85.19 106.66 18.42 50.96 42.32 63.44 61.05 70.65 2318.33 0.01
01/02/2015 97.00 70.58 562.63 24.60 27.82 38.61 42.58 62.41 25.44 26.74 94.55 14.34 147.41 24.67 21.44 38.32 39.15 61.23 64.82 380.16 22.92 26.74 90.47 121.44 19.80 49.49 47.26 68.94 59.43 71.86 2442.85 0.05
01/03/2015 97.76 68.27 554.70 23.26 28.45 37.97 37.84 56.67 24.03 25.43 95.16 13.96 144.32 26.16 20.66 38.98 36.56 60.42 62.97 372.10 20.91 25.43 89.90 129.24 19.94 48.59 46.45 69.29 55.71 69.17 2400.30 -0.02
01/04/2015 101.33 70.18 548.77 25.06 27.75 39.39 38.24 63.59 25.49 26.12 89.44 14.50 141.21 27.55 22.55 42.08 43.74 61.04 63.59 421.78 22.08 26.12 86.48 124.49 20.98 50.76 48.08 66.41 61.70 67.12 2467.60 0.03
01/05/2015 102.87 68.43 545.32 27.78 28.42 39.04 39.12 63.29 25.79 26.44 89.44 15.02 143.00 30.10 22.71 39.62 42.14 59.59 66.12 429.23 20.41 26.44 89.48 140.66 21.61 51.89 48.76 68.08 60.23 66.70 2497.73 0.01
01/06/2015 106.38 67.38 540.04 25.95 27.65 36.81 37.37 61.08 26.52 27.20 85.50 15.49 136.11 28.09 22.13 37.93 39.96 56.15 64.76 434.09 18.33 27.20 91.67 161.80 20.50 48.51 49.85 66.10 59.91 66.58 2487.01 0.00
01/07/2015 111.84 64.15 657.50 27.78 29.73 36.95 42.00 65.96 25.94 28.34 94.45 16.32 142.74 26.97 21.93 35.84 42.26 59.02 72.66 536.15 17.85 28.34 98.30 143.88 19.22 50.63 52.76 70.28 54.59 65.27 2739.63 0.10
01/08/2015 95.51 60.93 647.82 25.35 27.43 36.76 41.38 62.29 25.30 25.58 90.25 15.01 134.04 23.96 21.86 34.51 39.39 56.38 68.76 512.89 16.87 25.58 89.78 140.62 17.92 46.24 48.31 64.81 56.78 60.63 2612.93 -0.05
01/09/2015 95.81 60.78 638.37 24.83 26.10 34.76 42.01 61.17 24.65 25.83 88.58 14.22 130.40 22.16 21.19 32.17 40.32 57.84 67.29 511.89 15.68 25.83 84.59 134.85 13.42 42.41 44.81 60.01 51.44 61.72 2555.13 -0.02
01/10/2015 106.62 67.63 737.39 24.24 28.10 37.46 47.20 69.04 25.35 28.44 101.10 15.37 136.02 23.13 24.53 32.57 47.95 57.46 74.94 625.90 17.96 28.44 86.61 133.88 13.89 47.34 48.03 66.63 58.60 65.53 2877.35 0.12
01/11/2015 106.37 66.75 762.85 24.68 27.23 36.78 44.96 68.25 25.84 27.76 102.61 15.96 134.09 22.17 25.39 33.43 49.51 54.48 76.32 664.80 17.15 27.76 82.78 134.81 12.21 45.91 48.90 67.91 59.43 64.78 2931.87 0.02
01/12/2015 98.51 64.27 778.01 24.11 27.04 37.41 45.44 68.66 26.40 25.74 101.08 15.41 132.04 20.76 26.42 28.53 50.88 58.82 75.04 675.89 16.33 25.74 86.01 146.15 8.98 45.75 46.79 69.33 53.15 68.74 2947.43 0.01
01/01/2016 90.40 64.19 761.35 24.07 25.54 40.44 48.17 71.14 27.67 25.41 96.38 12.98 129.77 18.65 24.87 26.98 50.52 62.04 72.08 587.00 16.50 25.41 84.98 133.44 5.67 44.26 38.50 68.77 54.70 70.71 2802.61 -0.05
01/02/2016 90.12 66.09 717.22 22.72 24.86 41.56 48.54 71.94 28.75 26.45 96.81 11.50 134.17 18.44 24.91 26.59 46.66 61.20 70.05 552.52 19.86 26.45 85.87 139.44 4.57 43.86 35.17 70.11 54.79 70.10 2731.30 -0.03
01/03/2016 93.69 69.55 762.90 23.96 25.08 44.31 49.39 77.54 30.48 27.98 105.09 12.42 141.88 20.39 27.40 27.29 51.02 67.18 74.31 593.64 20.74 27.98 91.67 137.07 4.83 46.22 37.79 67.94 54.48 71.87 2886.07 0.06
01/04/2016 97.42 73.55 707.88 24.47 27.68 41.73 49.88 79.19 30.21 27.83 99.51 13.42 145.48 19.94 26.50 30.11 46.07 65.60 75.05 659.59 20.44 27.83 88.81 138.41 8.42 48.32 41.89 72.06 61.68 69.96 2918.95 0.01
01/05/2016 93.61 74.07 748.85 25.41 29.36 42.14 50.62 79.64 30.84 29.13 103.35 13.63 140.54 19.22 26.05 28.87 48.96 65.14 76.70 722.79 17.91 29.13 85.58 127.99 8.57 49.58 42.20 73.28 60.71 71.34 3015.20 0.03
01/06/2016 92.29 78.65 703.53 23.09 30.06 46.23 54.85 82.10 34.04 30.00 107.78 12.23 144.79 18.01 27.13 28.20 47.60 72.18 72.19 715.62 19.55 30.00 84.95 127.87 9.98 50.77 38.41 79.00 60.80 74.53 2996.43 -0.01
01/07/2016 90.52 74.63 791.34 23.89 31.49 45.88 54.31 81.74 34.10 30.94 105.85 13.40 144.27 19.70 27.05 29.89 52.72 72.01 75.97 758.81 21.19 30.94 82.27 128.84 11.52 52.11 39.70 79.79 60.73 75.34 3140.95 0.05
01/08/2016 89.77 73.11 789.85 23.70 29.71 43.76 53.02 81.47 32.57 30.16 108.12 14.93 150.49 20.39 27.13 30.70 53.45 67.02 78.74 769.16 18.74 30.16 83.24 128.14 12.43 55.78 43.42 79.63 62.45 77.46 3158.69 0.01
01/09/2016 88.24 73.85 804.06 22.54 29.16 43.47 50.73 79.26 32.35 30.65 104.33 14.54 144.47 18.99 25.73 31.65 53.91 68.03 80.63 837.31 18.84 30.65 79.31 130.20 11.86 55.44 42.95 79.06 59.26 79.62 3221.10 0.02
01/10/2016 88.08 70.50 809.90 21.52 27.30 40.23 53.55 79.44 29.31 28.57 99.08 15.33 144.30 19.09 25.48 34.74 56.08 68.01 80.45 789.82 18.26 28.57 74.95 118.72 10.54 52.55 44.70 75.42 59.83 77.01 3141.34 -0.03
01/11/2016 94.19 73.87 775.88 18.90 27.67 42.21 51.78 72.72 31.15 32.25 103.82 19.63 157.44 19.63 26.93 40.35 56.40 62.70 75.39 750.57 16.16 32.25 68.87 134.61 12.03 54.76 51.28 67.14 58.56 73.72 3102.84 -0.01
01/12/2016 99.04 77.05 809.45 19.74 27.56 45.15 54.77 75.36 32.56 32.04 112.12 21.54 162.98 22.90 27.67 40.87 58.55 66.72 76.23 768.66 16.69 32.04 70.68 133.26 13.91 52.68 54.23 65.50 58.45 75.17 3203.58 0.03
01/01/2017 105.96 71.61 820.19 20.12 27.59 41.45 58.17 80.09 33.99 35.13 108.50 21.12 164.14 23.76 26.21 39.69 60.92 67.52 80.81 823.48 18.15 35.13 70.59 146.08 12.93 55.90 50.94 70.32 56.22 78.32 3305.04 0.03
01/02/2017 105.42 69.42 844.93 20.53 29.66 42.43 61.23 91.11 34.09 34.86 112.61 23.02 171.42 22.91 26.31 37.92 60.29 70.96 85.92 845.04 17.03 34.86 72.61 148.76 13.57 59.40 54.57 74.85 54.38 82.06 3402.18 0.03
01/03/2017 108.58 70.65 847.80 21.35 30.05 41.67 58.37 94.07 33.89 35.02 111.04 22.00 166.68 23.39 26.52 37.74 62.44 71.28 87.00 886.54 16.54 35.02 70.73 146.35 14.43 57.30 54.74 74.52 52.56 80.96 3439.24 0.01
01/04/2017 110.70 70.34 924.52 21.16 29.79 39.25 59.14 93.20 32.33 36.51 112.69 21.83 165.21 24.29 25.80 37.45 64.90 71.70 89.30 924.99 18.43 36.51 74.28 156.26 13.65 56.61 54.10 77.27 51.66 78.69 3572.57 0.04
01/05/2017 103.37 69.35 987.09 24.45 28.68 40.35 62.15 100.73 31.80 39.01 115.64 20.96 165.28 26.63 24.36 34.79 66.21 74.47 93.22 994.62 17.91 39.01 69.68 161.12 12.47 59.14 55.55 78.38 49.47 79.99 3725.86 0.04
01/06/2017 101.75 70.20 929.68 23.21 29.79 38.63 61.35 98.76 31.14 36.41 117.20 22.77 169.37 27.01 24.03 34.49 65.72 73.41 91.97 968.00 17.14 36.41 72.97 167.28 13.35 58.21 61.36 82.54 50.26 79.13 3653.55 -0.02
01/07/2017 105.27 69.60 945.50 24.91 29.40 41.87 53.96 98.98 32.19 38.00 119.34 22.64 174.97 27.10 23.19 23.34 69.32 74.75 97.63 987.78 17.08 38.00 72.49 173.44 13.14 58.45 62.80 78.09 52.64 82.46 3708.32 0.01
01/08/2017 97.63 66.38 944.27 24.36 30.08 42.04 52.66 99.16 31.32 38.15 112.90 22.42 181.16 26.93 22.23 30.79 71.29 76.67 101.52 980.60 14.47 38.15 70.59 181.94 12.91 58.43 62.42 75.37 50.74 84.44 3702.02 0.00
01/09/2017 95.09 71.98 973.72 23.89 31.97 43.37 52.67 94.14 32.75 36.15 114.15 23.91 183.32 27.46 21.89 33.42 71.40 74.46 103.37 961.35 14.25 36.15 74.23 186.81 13.13 58.58 67.05 72.70 54.57 83.26 3731.20 0.01
01/10/2017 94.36 73.18 1033.04 24.32 31.39 41.95 53.91 89.59 28.14 33.85 124.16 25.84 186.94 27.40 18.44 28.68 79.73 78.35 108.03 1105.28 14.31 33.85 62.55 197.09 13.41 50.77 67.75 75.72 55.57 79.01 3936.62 0.05
01/11/2017 101.12 73.13 1036.17 25.71 32.47 45.13 56.94 87.97 30.80 35.41 127.08 26.58 193.01 26.45 16.73 27.13 80.68 79.13 110.59 1176.75 11.00 35.41 70.38 211.59 12.24 50.93 69.59 77.23 60.67 82.97 4071.01 0.03
01/12/2017 103.72 74.12 1053.40 27.27 32.73 46.94 59.94 90.45 32.92 37.78 127.15 27.97 198.22 26.70 15.96 29.04 82.40 75.37 112.19 1169.47 13.06 37.78 66.61 202.95 13.26 51.86 68.88 75.94 63.39 84.71 4102.21 0.01
01/01/2018 105.68 77.36 1182.22 27.54 33.47 47.96 59.58 92.72 31.71 40.12 141.29 30.32 214.38 30.47 15.00 29.51 91.53 70.34 122.24 1450.89 13.95 40.12 72.30 208.21 14.06 55.07 72.65 81.23 65.25 79.60 4596.77 0.11
01/02/2018 100.32 67.12 1103.92 24.20 32.81 42.82 53.32 89.54 31.14 34.29 131.00 30.41 207.20 28.35 13.09 24.23 90.33 67.51 120.97 1512.45 13.84 34.29 62.62 195.76 11.91 50.39 69.88 75.55 57.09 72.94 4449.32 -0.03
01/03/2018 97.68 66.79 1037.14 23.78 32.37 42.89 52.78 85.95 30.58 32.36 130.87 28.41 199.48 27.32 12.62 25.63 88.34 70.25 117.91 1447.34 12.87 32.36 57.51 167.63 11.11 50.62 62.74 75.86 56.53 73.65 4251.40 -0.05
01/04/2018 97.57 69.60 1018.58 25.14 33.39 44.27 48.03 71.67 28.05 29.73 124.67 28.45 193.73 26.47 13.17 33.33 90.51 72.69 125.06 1566.13 15.02 29.73 64.56 171.74 12.35 55.19 63.45 76.22 68.04 67.20 4363.77 0.03
01/05/2018 96.74 72.73 1100.00 22.17 32.77 43.30 47.72 69.52 28.12 29.70 121.76 27.62 191.53 27.61 13.18 31.93 95.66 69.97 128.85 1629.62 14.73 29.70 59.05 169.29 13.51 55.81 61.99 82.11 74.15 68.60 4509.42 0.03
01/06/2018 101.93 74.81 1129.19 20.78 33.41 45.70 48.62 70.57 27.94 31.25 115.90 26.92 186.65 27.82 12.74 30.64 95.85 72.56 130.76 1699.80 15.07 31.25 59.95 169.87 13.75 56.91 62.49 81.43 73.70 73.19 4621.44 0.02
01/07/2018 110.44 73.71 1227.22 22.00 36.77 46.90 50.85 76.50 27.82 34.08 124.03 29.49 197.87 30.80 12.87 32.08 103.12 74.89 135.00 1777.44 15.64 34.08 60.42 179.34 14.51 62.23 67.14 85.82 74.58 75.83 4893.47 0.06
01/08/2018 109.82 72.50 1231.80 19.37 38.23 49.96 50.71 69.04 28.22 35.44 125.42 29.53 208.72 33.09 12.22 1.56 109.19 74.54 145.02 2012.71 17.79 35.44 70.62 188.26 13.94 64.80 66.53 92.24 70.97 78.48 5156.17 0.05
01/09/2018 114.64 77.68 1207.08 19.45 40.93 49.06 52.27 72.28 29.67 33.92 123.62 28.13 214.11 34.14 10.66 31.55 111.60 74.26 148.40 2003.00 18.10 33.92 73.89 208.16 14.12 67.02 67.42 94.11 73.02 78.74 5204.94 0.01
01/10/2018 112.57 72.80 1090.58 16.97 39.99 52.46 57.09 79.17 27.11 36.54 119.95 26.39 205.28 29.01 9.63 24.89 104.23 76.68 136.30 1598.01 17.62 36.54 67.95 213.71 12.59 70.02 61.52 86.37 60.20 83.90 4626.05 -0.12
01/11/2018 113.22 72.63 1109.65 19.26 42.93 56.02 48.12 77.79 28.01 37.57 124.98 27.25 218.24 30.84 7.15 21.28 108.21 82.20 140.12 1690.17 16.05 37.57 75.80 223.28 11.80 75.47 60.89 93.78 63.08 90.21 4803.57 0.04
01/12/2018 107.49 62.93 1044.96 17.78 40.85 52.23 43.35 60.01 25.59 32.80 114.80 23.64 204.18 27.26 7.22 20.21 99.54 80.96 130.69 1501.97 13.32 32.80 61.92 189.83 10.91 72.68 49.26 87.47 55.10 87.74 4359.48 -0.10
01/01/2019 110.17 67.63 1125.89 16.82 39.73 51.15 44.03 70.03 26.96 35.42 121.09 27.47 205.54 31.45 9.71 22.15 102.34 82.35 133.73 1718.73 13.47 35.42 61.95 199.72 12.15 71.30 60.99 85.48 60.64 92.08 4735.59 0.08
01/02/2019 111.48 72.94 1126.55 16.46 40.92 53.43 46.76 79.36 28.37 37.45 128.20 28.06 201.30 31.16 10.32 24.79 109.79 84.11 146.72 1639.83 11.60 37.45 55.07 174.36 12.21 77.87 60.54 87.52 60.07 94.81 4689.51 -0.01
01/03/2019 109.69 75.40 1176.89 16.76 40.09 55.50 51.24 80.68 28.59 38.72 132.30 26.76 200.89 33.20 9.93 26.25 116.08 85.31 154.98 1780.75 10.55 38.72 51.36 160.75 12.96 79.67 59.29 88.08 60.12 100.10 4901.59 0.04
01/04/2019 135.32 74.91 1198.96 17.08 38.34 53.68 49.17 80.01 28.22 42.16 139.47 29.66 216.71 37.46 10.11 22.75 128.54 86.37 163.16 1926.52 10.25 42.16 51.79 158.81 12.74 75.91 67.37 86.35 54.11 102.44 5140.53 0.05
01/05/2019 130.45 66.04 1106.50 14.95 39.20 51.54 44.40 71.30 28.32 39.92 141.24 25.80 197.42 36.26 9.39 20.28 121.73 81.15 160.08 1775.07 9.38 39.92 50.35 147.99 11.58 76.39 59.22 90.02 45.74 99.70 4791.31 -0.07
01/06/2019 137.95 72.33 1082.80 15.06 41.26 54.18 42.85 72.59 31.04 41.16 145.07 28.12 213.17 42.56 10.44 23.51 132.33 84.55 172.47 1893.63 10.81 41.16 52.39 157.52 12.11 80.86 67.16 94.70 46.21 106.23 5006.22 0.04
01/07/2019 141.28 70.18 1218.20 17.18 36.99 52.42 43.27 78.45 31.54 42.03 143.04 29.91 205.43 45.97 10.40 24.24 134.61 83.09 176.89 1866.78 11.11 42.03 53.72 169.89 12.37 80.57 68.24 99.12 47.96 114.36 5151.29 0.03
01/08/2019 136.44 64.63 1190.53 17.85 33.86 55.74 40.21 67.64 33.15 43.31 143.38 26.82 203.41 48.14 8.21 20.70 136.18 88.86 179.70 1776.29 10.46 43.31 59.10 153.94 11.70 83.95 61.71 105.48 40.60 117.23 5002.54 -0.03
01/09/2019 129.54 67.47 1221.14 18.88 34.54 57.84 37.60 71.25 35.58 44.11 145.06 28.44 208.02 47.25 8.90 22.32 137.80 92.84 171.19 1735.91 11.73 44.11 61.18 151.76 11.50 81.72 66.75 106.20 41.53 121.28 5013.42 0.00
01/10/2019 129.15 64.57 1258.80 19.36 36.89 57.95 41.96 77.68 36.19 43.85 128.55 30.69 212.58 51.43 9.95 20.58 142.10 91.29 178.00 1776.66 12.16 43.85 64.40 178.42 11.07 84.69 69.43 107.01 38.49 121.41 5139.17 0.02
01/11/2019 150.68 65.10 1304.09 18.79 37.03 58.33 46.56 79.10 35.63 43.40 134.10 32.70 220.30 52.46 11.23 21.57 150.04 85.39 183.63 1800.80 13.61 43.40 73.57 199.88 10.38 85.20 72.58 109.45 36.66 119.78 5295.45 0.03
01/12/2019 143.77 67.48 1339.39 18.79 38.03 59.45 46.76 81.16 37.25 44.21 134.33 34.57 226.50 54.62 11.12 24.86 156.83 89.29 187.31 1847.84 12.63 44.21 72.61 204.45 11.55 88.88 77.74 111.48 39.17 122.57 5428.85 0.02

(Sources, Made by the Author from Yahoo Finance data)

81
10.1 Appendix 2 (30 companies’ data)

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Total Price Actual Return
The Walt Disney Company 382.22724 405.53168 502.69073 690.76514 943.73827 1204.767 1107.377 1232.987 1268.091 1565.919 6379.14065
Exxon Mobil Corporation (XOM) 594.51733 706.62997 773.41954 833.30879 912.19884 799.0491 869.1236 849.9773 860.6689 828.6858 4207.5048 -0.41616361
Alphabet Inc. (GOOGL) 3465.5455 3442.2623 3885.8809 5379.7197 6846.4522 7510.95 9182.21 11340.31 13482.34 14349.74 55865.5502 2.586078127
Vodafone Group Plc (VOD) 165.69257 191.93825 204.67788 250.83609 293.21459 302.6634 274.0079 281.2927 258.4417 207.9678 1324.3735 -3.7420084
Pfizer Inc. (PFE) 148.27157 169.53495 208.59826 267.55115 290.66191 331.0603 335.4571 363.5879 437.9205 456.8821 1924.90783 0.373938569
Verizon Communications Inc. (VZ) 239.12093 293.53769 350.83261 423.66703 443.81776 447.2128 517.1178 505.0967 573.5556 661.2203 2704.20322 0.339929224
Altria Group, Inc. (MO) 167.40465 202.56486 258.10738 297.3667 375.65687 498.3072 619.6189 690.4999 612.4395 534.8039 2955.66946 0.088917867
Philip Morris International Inc. (PM) 412.24327 531.78589 701.14508 746.52632 736.56507 762.7954 931.5234 1118.255 914.7692 909.2528 4636.59538 0.450255165
AT&T Inc. (T) 196.75586 215.00479 261.77798 285.72048 295.163 304.6281 374.0245 385.37 343.9751 380.8347 1788.83237 -0.95241724
Comcast Corporation (CMCSA) 99.19126 120.44623 168.12703 229.83765 288.13673 317.4414 351.4044 436.2919 407.8077 495.7423 2008.68766 0.115918503
The Travelers Companies, Inc. (TRV) 524.28809 550.97372 640.57034 854.38818 970.31923 1122.628 1242.231 1402.45 1498.303 1635.841 6901.45279 1.234250334
Bank of America Corporation (BAC) 166.86305 105.2164 92.485693 145.17 177.36308 179.3379 175.5497 281.0552 336.5523 348.9857 1321.48071 -1.65297908
Berkshire Hathaway Inc. (BRK-B) 1009.72 943.55 1002.62 1326.38 1575.92 1665.29 1740.58 2119.72 2441.37 2511.27 10478.23 2.070546912
The Blackstone Group L.P. (BX) 86.00281 104.77191 99.911106 168.35149 248.94615 300.3126 235.342 310.0253 353.1845 511.9641 1710.82848 -1.81232202
General Electric Company (GE) 148.73051 159.23786 184.22534 226.07277 250.79485 270.5262 316.8527 271.679 139.5719 119.7172 1118.34706 -0.42512599
Baker Hughes Company (BKR) 345.93143 460.30619 316.00082 353.65785 468.78487 429.523 376.2497 394.4856 306.8435 274.0002 1781.10205 0.465380544
Microsoft Corporation (MSFT) 275.80515 253.53785 296.54869 338.86809 454.83982 507.9312 621.9482 835.2933 1188.111 1568.371 4721.65421 0.974926903
Duke Energy Corporation (DUK) 415.26793 460.07803 543.37337 608.45993 686.23041 710.3416 797.8406 888.0644 886.8319 1034.6 4317.67872 -0.08944128
Visa Inc. (V) 211.23172 216.49674 337.80208 497.66536 631.12231 818.169 907.7831 1161.544 1581.32 2007.862 6476.67859 0.405489892
Amazon.com, Inc. (AMZN) 1806.33 2352.93 2721.5 3648.24 3927.54 5919.41 8505.49 11823.9 19889.53 21538.81 67677.14 2.34654064
CenturyLink, Inc. (CTL) 213.33646 221.79255 242.66923 227.52735 261.15106 229.0039 224.8793 189.3753 183.9878 137.7682 965.014453 -4.25036066
Comcast Corporation (CMCSA) 99.19126 120.44623 168.12703 229.83765 288.13673 317.4414 351.4044 436.2919 407.8077 495.7423 2008.68766 0.733093805
CVS Health Corporation (CVS) 341.01793 357.995 456.92638 598.50389 820.16525 1061.259 981.1928 847.706 786.5841 707.4959 4384.23739 0.780534094
Cigna Corporation (CI) 441.67058 543.42822 560.6129 869.10205 1090.2929 1618.479 1577.981 2079.666 2285.081 2057.478 9618.68595 0.785691962
Energy Transfer LP (ET) 30.082411 40.792326 61.924705 106.77557 193.30647 206.8895 114.3221 158.4931 154.5576 142.3106 776.572966 -2.51657233
Merck & Co., Inc. (MRK) 328.06919 305.73714 383.30217 447.93336 574.4732 578.4645 606.3338 675.5773 736.2253 967.008 3563.60895 1.523638455
Citigroup Inc. (C) 457.91986 402.67204 349.52005 520.21212 540.87478 572.318 510.236 729.7532 765.9536 791.0294 3369.29013 -0.0560717
Medtronic plc (MDT) 400.16472 369.74911 400.89706 533.41783 669.46205 801.2185 877.697 912.9283 1012.193 1170.876 4774.91214 0.348673496
Occidental Petroleum Corporation (OXY)691.95273 774.88088 706.30165 750.23076 809.23409 692.0124 706.4397 652.1325 791.7037 571.3019 3413.59019 -0.33561099
General Motors Company (GM) 582.98929 576.02786 615.67049 752.67276 819.06978 798.7289 886.8384 976.0081 930.0966 1311.98 4903.65178 0.362215611

(Source: Created by the researcher)

82
10.2 Appendix 3 (Abnormal and Cumulative return)

Event Day Date Total Price Actual Return ER AR CAR

60 01/12/2009 1127.6889 0 0 0 0
59 01/01/2010 1070.8195 -0.051746 0.013096305 -0.0648 -0.04253
58 01/02/2010 1080.7327 0.009214971 0.013096305 -0.0039 0.073052
57 01/03/2010 1151.9728 0.063836732 0.013096305 0.05074 0.043059
56 01/04/2010 1128.2842 -0.02077788 0.013096305 -0.0339 -0.10352
55 01/05/2010 1038.6881 -0.08273964 0.013096305 -0.0958 -0.13036
54 01/06/2010 990.38399 -0.04762101 0.013096305 -0.0607 0.013126
53 01/07/2010 1052.412 0.060747212 0.013096305 0.04765 0.026173
52 01/08/2010 1016.6471 -0.03457462 0.013096305 -0.0477 0.072714
51 01/09/2010 1131.7879 0.107288535 0.013096305 0.09419 0.171861
50 01/10/2010 1207.2818 0.064572803 0.013096305 0.05148 0.050524
49 01/11/2010 1190.4392 -0.01404909 0.013096305 -0.0271 0.043055
48 01/12/2010 1260.3972 0.057104582 0.013096305 0.04401 0.068022
47 01/01/2011 1274.2327 0.010917315 0.013096305 -0.0022 0.043327
46 01/02/2011 1316.207 0.032409959 0.013096305 0.01931 0.029131
45 01/03/2011 1311.8985 -0.00327883 0.013096305 -0.0164 0.018818
44 01/04/2011 1341.2103 0.022097106 0.013096305 0.009 0.007506
43 01/05/2011 1321.7831 -0.01459075 0.013096305 -0.0277 -0.03333
42 01/06/2011 1297.2499 -0.01873509 0.013096305 -0.0318 0.016887
41 01/07/2011 1344.2933 0.03562188 0.013096305 0.02253 -0.03032
40 01/08/2011 1258.5111 -0.06593907 0.013096305 -0.079 -0.11642
39 01/09/2011 1196.5539 -0.05048373 0.013096305 -0.0636 0.040941
38 01/10/2011 1311.1054 0.091424906 0.013096305 0.07833 0.085629
37 01/11/2011 1303.5288 -0.00579556 0.013096305 -0.0189 0.009245
36 01/12/2011 1323.2826 0.01504043 0.013096305 0.00194 0.017881
35 01/01/2012 1327.0473 0.002840989 0.013096305 -0.0103 0.031585
34 01/02/2012 1365.7451 0.028743706 0.013096305 0.01565 0.06768
33 01/03/2012 1419.9712 0.038936454 0.013096305 0.02584 0.040639
32 01/04/2012 1422.3907 0.001702424 0.013096305 -0.0114 -0.04555
31 01/05/2012 1356.7488 -0.04724775 0.013096305 -0.0603 -0.00455
30 01/06/2012 1415.9311 0.042696074 0.013096305 0.0296 0.076121
29 01/07/2012 1464.0589 0.033425335 0.013096305 0.02033 0.065806
28 01/08/2012 1512.2413 0.032380211 0.013096305 0.01928 0.080657
27 01/09/2012 1587.0389 0.048277077 0.013096305 0.03518 0.006547
26 01/10/2012 1522.1745 -0.04173003 0.013096305 -0.0548 -0.02414
25 01/11/2012 1549.18 0.017585832 0.013096305 0.00449 0.020511
24 01/12/2012 1553.7185 0.002925339 0.013096305 -0.0102 0.072757
23 01/01/2013 1666.0954 0.06983173 0.013096305 0.05674 0.087379
22 01/02/2013 1695.5892 0.017547486 0.013096305 0.00445 0.041268
21 01/03/2013 1736.2903 0.023720498 0.013096305 0.01062 0.046896
20 01/04/2013 1776.9988 0.023175089 0.013096305 0.01008 0.048599
19 01/05/2013 1822.7555 0.025423493 0.013096305 0.01233 0.030929
18 01/06/2013 1832.8191 0.005505865 0.013096305 -0.0076 0.043588
17 01/07/2013 1903.9636 0.038082562 0.013096305 0.02499 -0.00661
16 01/08/2013 1820.7458 -0.04469163 0.013096305 -0.0578 -0.00577
15 01/09/2013 1893.0028 0.038918169 0.013096305 0.02582 0.131356
14 01/10/2013 2076.3307 0.09243788 0.013096305 0.07934 0.132111
13 01/11/2013 2160.3618 0.039673449 0.013096305 0.02658 0.068621
12 01/12/2013 2223.813 0.028947602 0.013096305 0.01585 0.0019
11 01/01/2014 2164.4704 -0.02704759 0.013096305 -0.0401 0.00238
10 01/02/2014 2229.1118 0.029427515 0.013096305 0.01633 0.005683
9 01/03/2014 2176.8071 -0.02374405 0.013096305 -0.0368 -0.04192
8 01/04/2014 2137.607 -0.0181722 0.013096305 -0.0313 0.017
7 01/05/2014 2214.1286 0.035171967 0.013096305 0.02208 0.050344
6 01/06/2014 2247.9771 0.01517184 0.013096305 0.00208 0.000367
5 01/07/2014 2214.9423 -0.01480441 0.013096305 -0.0279 0.025053
4 01/08/2014 2305.0068 0.039857273 0.013096305 0.02676 0.02833
3 01/09/2014 2278.5883 -0.01152755 0.013096305 -0.0246 -0.00823
2 01/10/2014 2286.1141 0.003297384 0.013096305 -0.0098 0.025199
1 01/11/2014 2336.737 0.021902055 0.013096305 0.00881 0.002633
0 01/12/2014 2292.1419 -0.01926879 0.013096305 -0.0324 -0.00791
-1 01/01/2015 2318.3349 0.011362481 0.013096305 -0.0017 0.06368
-2 01/02/2015 2442.8533 0.05231754 0.013096305 0.03922 0.034742
-3 01/03/2015 2400.295 -0.01757509 0.013096305 -0.0307 0.01008
-4 01/04/2015 2467.6006 0.02765461 0.013096305 0.01456 0.039792
-5 01/05/2015 2497.7334 0.012137429 0.013096305 -0.001 0.007837
-6 01/06/2015 2487.0142 -0.0043008 0.013096305 -0.0174 0.092439
-7 01/07/2015 2739.6304 0.096740123 0.013096305 0.08364 0.049388
-8 01/08/2015 2612.9268 -0.04735206 0.013096305 -0.0604 -0.06972
-9 01/09/2015 2555.1326 -0.02236684 0.013096305 -0.0355 0.096398
-10 01/10/2015 2877.3465 0.118764406 0.013096305 0.10567 0.137535
-11 01/11/2015 2931.8656 0.018770432 0.013096305 0.00567 0.024064
-12 01/12/2015 2947.4255 0.005293117 0.013096305 -0.0078 -0.04509
-13 01/01/2016 2802.6117 -0.05038033 0.013096305 -0.0635 -0.07615
-14 01/02/2016 2731.3004 -0.0257739 0.013096305 -0.0389 0.029344
-15 01/03/2016 2886.0691 0.055117542 0.013096305 0.04202 0.066445
-16 01/04/2016 2918.9465 0.011327366 0.013096305 -0.0018 0.043769
-17 01/05/2016 3015.1951 0.032441773 0.013096305 0.01935 0.0262
-18 01/06/2016 2996.4333 -0.00624183 0.013096305 -0.0193 0.040862
-19 01/07/2016 3140.9541 0.047103919 0.013096305 0.03401 0.052733
-20 01/08/2016 3158.6855 0.005629342 0.013096305 -0.0075 0.025198
-21 01/09/2016 3221.1044 0.019568324 0.013096305 0.00647 -0.00551
-22 01/10/2016 3141.3376 -0.02507558 0.013096305 -0.0382 -0.03741
-23 01/11/2016 3102.8376 -0.01233166 0.013096305 -0.0254 0.01962
-24 01/12/2016 3203.5803 0.031952006 0.013096305 0.01886 0.06313
-25 01/01/2017 3305.0361 0.031178365 0.013096305 0.01808 0.060146
-26 01/02/2017 3402.1762 0.028967878 0.013096305 0.01587 0.039804
-27 01/03/2017 3439.2436 0.01083627 0.013096305 -0.0023 0.04887
-28 01/04/2017 3572.5695 0.038033539 0.013096305 0.02494 0.080046
-29 01/05/2017 3725.86 0.042012603 0.013096305 0.02892 0.022415
-30 01/06/2017 3653.5521 -0.01959783 0.013096305 -0.0327 -0.00472
-31 01/07/2017 3708.3202 0.014879125 0.013096305 0.00178 0.013178
-32 01/08/2017 3702.0185 -0.00170078 0.013096305 -0.0148 0.006151
-33 01/09/2017 3731.2021 0.007852243 0.013096305 -0.0052 0.061444
-34 01/10/2017 3936.6185 0.053591644 0.013096305 0.0405 0.087162
-35 01/11/2017 4071.0146 0.033570162 0.013096305 0.02047 0.041203
-36 01/12/2017 4102.2058 0.007632557 0.013096305 -0.0055 0.121462
-37 01/01/2018 4596.7717 0.113829428 0.013096305 0.10073 0.081226
-38 01/02/2018 4449.3201 -0.03260295 0.013096305 -0.0457 -0.07811
-39 01/03/2018 4251.4002 -0.04550291 0.013096305 -0.0586 -0.01941
-40 01/04/2018 4363.7729 0.026088641 0.013096305 0.01299 0.05892
-41 01/05/2018 4509.4199 0.032831477 0.013096305 0.01974 0.05737
-42 01/06/2018 4621.4413 0.024538126 0.013096305 0.01144 0.081733
-43 01/07/2018 4893.4695 0.057194917 0.013096305 0.0441 0.109488
-44 01/08/2018 5156.1729 0.052293066 0.013096305 0.0392 0.061707
-45 01/09/2018 5204.9436 0.009414256 0.013096305 -0.0037 -0.10849
-46 01/10/2018 4626.0533 -0.11790479 0.013096305 -0.131 -0.08025
-47 01/11/2018 4803.5687 0.037655044 0.013096305 0.02456 -0.05935
-48 01/12/2018 4359.4839 -0.09700544 0.013096305 -0.1101 -0.01425
-49 01/01/2019 4735.5907 0.082752779 0.013096305 0.06966 0.072974
-50 01/02/2019 4689.5103 -0.0097783 0.013096305 -0.0229 0.034453
-51 01/03/2019 4901.5911 0.044231699 0.013096305 0.03114 0.091827
-52 01/04/2019 5140.5266 0.047595673 0.013096305 0.0345 -0.02276
-53 01/05/2019 4791.3093 -0.07035183 0.013096305 -0.0834 -0.02647
-54 01/06/2019 5006.224 0.04387823 0.013096305 0.03078 0.072443
-55 01/07/2019 5151.289 0.02856504 0.013096305 0.01547 -0.00074
-56 01/08/2019 5002.5377 -0.02930164 0.013096305 -0.0424 -0.02713
-57 01/09/2019 5013.4199 0.002172971 0.013096305 -0.0109 0.026945
-58 01/10/2019 5139.1653 0.024772377 0.013096305 0.01168 0.054729
-59 01/11/2019 5295.4478 0.029956864 0.013096305 0.01686 0.054836
-60 01/12/2019 5428.8477 0.024879363 0.013096305 0.01178 0.024879

(Source: Created by the researcher)

83
10.3 Appendix 4 (Gantt chart)

(Source: Made by the Author)

84