الفهرس 
Title: The Impact of Mergers and Acquisitions on Performance Efficiency and Shareholders’ Wealth: An Empirical Study
ContentsOnly 14 pages are availabe for public view
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Abstract
The main purpose of this research is to investigate the impact of Mergers and Acquisitions (M&A) on performance efficiency and shareholder’s wealth in the whole Egyptian market (financial and non-financial sectors) for time period 2003-2015. The research methodology is composed of two parts; in the first part, the researcher used two-stage analysis to determine the impact of M&A on performance efficiency. In the first stage; the researcher used Data Envelopment Analysis (DEA) a non-parametric technique followed by censored regression technique (Tobit model) in the second stage with acquirer sample consisting of 21 companies listed in Egyptian stock exchange market (EGX30) including 8 financial companies divided into 2 financial companies, 6 banks, and 13 non-financial companies for 23 M&A operations. The sample for the target companies is 23 companies divided into 2 financial companies, 3 banks, and 18 non-financial companies. In the second part, the researcher used Cumulative Abnormal Return (CAR) for two event windows; 120 working days and 240 working days to determine the impact of M&A on shareholders’ wealth with a sample of 16 companies divided into 6 financial companies and 10 non- financial companies. The researcher found that there is enhancement in performance efficiency after M&A in both sectors.The results showed that there is insignificant relationship between difference in efficiency and DEA after M&A