Mergers and Acquisitions in the Healthcare Sector

Empirical Analysis of Shareholders' Value Creation

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The healthcare sector has been increasingly growing in importance in the past two decades. Innovative drugs, advanced medical devices and more sophisticated hospital procedures have allowed patients to cope with and overcome previously incurable diseases and disabilities. However, this has come at a significant cost. Healthcare expenditure has increased substantially over the years, and according to the World Health Organization, it amounted to more than $7 trillion in 2015. Given these tremendous costs, it is important to understand whether the companies in this sector operate efficiently. One side of this is examining whether the transactions which they undertake actually create value. However, such corporate actions usually affect many different groups of stakeholders. For example, a merger of hospitals can directly affect the quality of care to patients, or the acquisition of a pharmaceutical company by its rival might lead to increases in the prices of life-saving medications. In this book we will take a higher-level view and explore the effects on shareholders of the companies involved in a deal.


Dimitar Panchev


The author conducted the research in this book as part of his Master's Thesis at the University of St. Gallen. He had previously obtained Master's and Bachelor's Degrees from Bocconi University. Dimitar is now working in investment banking and is strongly interested in the healthcare sector.

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Publishing House:

LAP LAMBERT Academic Publishing


M&A, Mergers and Acquisitions, Healthcare, Value creation, empirical analysis, event study

Product category:

BUSINESS & ECONOMICS / Banks & Banking