The following is the example my instructor gave, I could only paste the conclusion, cause the information before have the pictures.
Overall, the tracking of competitor share price movements provides some evidence to argue for the efficiency of the Dell-EMC merger. In looking at the abnormal returns of EMC, the results are indicative that shareholders supported the mergerevidence only that they predicted a satisfactory share price at the time of the merger. This information also helps to define relevant events and event windows. VMWare showed some abnormal returns which followed the same pattern as the EMC returns. However, given VMWare was not to be made private at the close of the deal, the shareholder reaction here demonstrate some evidence for predicted post-merger efficiency. The positive reaction to pro-merger events and negative reaction to anti-merger events make an argument that shareholders of VMWare believed they would benefit financially from the merger. Meanwhile, tracking the competitor reactions in response to the different categories showed limited abnormal response to merger-related announcements. There were some positive returns associated with the pro-merger categories, however due to the lack of very many of significance, these can
be explained away as earlier stated as a result of the takeover premium contagion or positive sectoral effects causing an influx in stock prices in the market. Additionally, the pure play factor is likely at play, with other occurrences unrelated to the merger affecting these companies. When looking at the anti-merger events, EMC does not see negative returns as expected. This is likely a result of aggregating the
anti-merger events and including some with minimal impact on returns. In addition,the lack of controversy that surrounded the merger likely prevented any significant negative returns from occurring in response to the anti-merger events.
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