@article{Grigorieva_Morkovin_2014, title={The Effect Of Cross-Border And Domestic Acquisitions On Shareholder Wealth: Evidence From Brics Acquirers}, volume={8}, url={https://cfjournal.hse.ru/article/view/1463}, DOI={10.17323/j.jcfr.2073-0438.8.4.2014.34-45}, abstractNote={<pre id="tw-target-text" class="tw-data-text tw-ta tw-text-medium" dir="ltr" data-placeholder="Перевод" data-fulltext="">Авторы: Светлана Александровна Григорьева НИУ ВШЭ grigorievasa@mail.ru</pre> <p>The topic devoted to cross-border M&amp;A performance has received wide attention in&nbsp; academic literature. Most existing studies examine wealth effects of international M&amp;As in developed countries. We contribute to existing research by examining the market reaction to the announcements of M&amp;As initiated by companies from BRICS countries over 2000–2012. We assess the long-term performance of M&amp;A deals along with the short-term one and provide a copmarative analysis of company wealth gains in cross-border and domestic M&amp;As.&nbsp; Based on the sample of 117 cross-border deals and 247 domestic M&amp;As we find that foreign acquisitions outperform the domestic ones in the long run. We also find that main determinants of M&amp;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.</p&gt;}, number={4}, journal={Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438}, author={Grigorieva, Svetlana and MorkovinR.}, year={2014}, month={дек.}, pages={34-45} }