Unlike previous studies on the overall wealth creation during the mergers and acquisitions in the luxury industry, this paper will examine the return for the acquirer, target and seller respectively. Several subgroups are used to further reveal the rationale behind the deals why some parties gain and others loose in terms of abnormal return measured by AARs and CARs in the event study. The potential factors of the value creation explored in this paper include the economic cycle, payment type, conglomerates, continent and cross-border and so on. Future subgroup analysis could be conducted based on the direct motivation of the deals. |