This doctoral thesis comprises three essays that address selected issues in empirical asset pricing. All three essays conduct original empirical research using U.S. capital market data. The first two essays both investigate the importance of mergers and acquisitions (M&A) for stock prices. The first essay (Chapter 2) focuses on the single-firm level and investigates the long-term performance of rival firms directly affected by M&A transactions. Following a similar intuition, the second essay (Chapter 3) takes an industry perspective and examines the long-term performance of industry portfolios depending on the impact of M&A on the firms in the industry. Finally, the third essay (Chapter 4) focuses on the cross-industry level as it follows explicit economic links between firms across industries and investigates the information transmission from customer stock prices to supplier stock prices.


Capital Market Stock Return Asset Price Stock Prex Capital Asset Price Model 
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© Gabler | GWV Fachverlage GmbH, Wiesbaden 2008

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