The Effect Of Cross-Border And Domestic Acquisitions On Shareholder Wealth: Evidence From Brics Acquirers

Ключевые слова: cross-border M&As, domestic M&As, abnormal returns, emerging capital markets

Аннотация

Авторы: Светлана Александровна Григорьева НИУ ВШЭ grigorievasa@mail.ru

The topic devoted to cross-border M&A performance has received wide attention in  academic literature. Most existing studies examine wealth effects of international M&As in developed countries. We contribute to existing research by examining the market reaction to the announcements of M&As initiated by companies from BRICS countries over 2000–2012. We assess the long-term performance of M&A deals along with the short-term one and provide a copmarative analysis of company wealth gains in cross-border and domestic M&As.  Based on the sample of 117 cross-border deals and 247 domestic M&As we find that foreign acquisitions outperform the domestic ones in the long run. We also find that main determinants of M&A performance are the acquirer’s FCFF, percentage change in the acquiring country's exchange rate against the target country currency during the acquisition year, and the level of international diversification of acquirers.

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Опубликован
2014-12-09
Как цитировать
Grigorieva, S. и Morkovin, R. (2014) «The Effect Of Cross-Border And Domestic Acquisitions On Shareholder Wealth: Evidence From Brics Acquirers», Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438, 8(4), сс. 34-45. doi: 10.17323/j.jcfr.2073-0438.8.4.2014.34-45.
Раздел
Новые исследования