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Overinvestment, Tobin's q and gains from foreign acquisitions

Citations

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Cited by:

  1. Tu, Wenjun & Zheng, Xiaolan & Li, Lei & Lin, Zhiang (John), 2021. "Do Chinese firms benefit from government ownership following cross-border acquisitions?," International Business Review, Elsevier, vol. 30(3).
  2. Chen, Sheng-Syan & Ho, Kim Wai & Lee, Cheng-few & Yeo, Gillian H. H., 2000. "Investment opportunities, free cash flow and market reaction to international joint ventures," Journal of Banking & Finance, Elsevier, vol. 24(11), pages 1747-1765, November.
  3. Artur Morgado & Julio Pindado, 2003. "The Underinvestment and Overinvestment Hypotheses: an Analysis Using Panel Data," European Financial Management, European Financial Management Association, vol. 9(2), pages 163-177, June.
  4. Georgina Benou & Kimberly C. Gleason & Jeff Madura, 2007. "Impact of Visibility and Investment Advisor Credibility on the Valuation Effects of High‐Tech Cross‐Border Acquisitions," Financial Management, Financial Management Association International, vol. 36(1), pages 69-89, March.
  5. Kyaw, NyoNyo A. & Manley, John & Shetty, Anand, 2011. "Factors in multinational valuations: Transparency, political risk and diversification," Journal of Multinational Financial Management, Elsevier, vol. 21(1), pages 55-67, February.
  6. Liu, Yin & Neely, Pamela & Karim, Khondkar, 2022. "The impact of CFO gender on corporate overinvestment," Advances in accounting, Elsevier, vol. 57(C).
  7. Koerniadi, Hardjo & Krishnamurti, Chandrasekhar & Tourani-Rad, Alireza, 2015. "Cross-border mergers and acquisitions and default risk," International Review of Financial Analysis, Elsevier, vol. 42(C), pages 336-348.
  8. Eun, Cheol S. & Kolodny, Richard & Scheraga, Carl, 1996. "Cross-border acquisitions and shareholder wealth: Tests of the synergy and internalization hypotheses," Journal of Banking & Finance, Elsevier, vol. 20(9), pages 1559-1582, November.
  9. Taher Hamza, 2011. "Determinants of short-term value creation for the bidder: evidence from France," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 15(2), pages 157-186, May.
  10. Aabo, Tom & Pantzalis, Christos & Park, Jung Chul, 2015. "Multinationality and opaqueness," Journal of Corporate Finance, Elsevier, vol. 30(C), pages 65-84.
  11. Gyimah, Daniel & Kwansa, Nana Abena & Kyiu, Anthony K. & Sikochi, Anywhere (Siko), 2021. "Multinationality and capital structure dynamics: A corporate governance explanation," International Review of Financial Analysis, Elsevier, vol. 76(C).
  12. Moeller, Sara B. & Schlingemann, Frederik P., 2005. "Global diversification and bidder gains: A comparison between cross-border and domestic acquisitions," Journal of Banking & Finance, Elsevier, vol. 29(3), pages 533-564, March.
  13. Yenn‐Ru Chen, 2008. "Corporate Governance and Cash Holdings: Listed New Economy versus Old Economy Firms," Corporate Governance: An International Review, Wiley Blackwell, vol. 16(5), pages 430-442, September.
  14. Alan Gregory, 2005. "The Long Run Abnormal Performance of UK Acquirers and the Free Cash Flow Hypothesis," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 32(5‐6), pages 777-814, June.
  15. Meng, Yun & Sutton, Ninon, 2022. "The evolution of bidder gains and acquisition discounts in M&A," Journal of Banking & Finance, Elsevier, vol. 143(C).
  16. Driffield, Nigel & Pal, Sarmistha, 2006. "Do external funds yield lower returns?: Recent evidence from East Asian economies," Journal of Asian Economics, Elsevier, vol. 17(1), pages 171-188, February.
  17. Alan Gregory, 2005. "The Long Run Abnormal Performance of UK Acquirers and the Free Cash Flow Hypothesis," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 32(5-6), pages 777-814.
  18. Deshpande, Shreesh & Svetina, Marko & Zhu, PengCheng, 2012. "Analyst coverage of acquiring firms and value creation in cross-border acquisitions," Journal of Multinational Financial Management, Elsevier, vol. 22(5), pages 212-229.
  19. Erwin, Gayle R. & Perry, Susan E., 2000. "The effect of foreign diversification on analysts' prediction errors," International Review of Financial Analysis, Elsevier, vol. 9(2), pages 121-145.
  20. Yun Meng & Ninon K. Sutton, 2017. "Is the grass on the other side greener? Testing the cross-border effect for U.S. acquirers," Review of Quantitative Finance and Accounting, Springer, vol. 48(4), pages 917-937, May.
  21. Shao-Chi Chang & Ming-Tse Tsai, 2013. "The effect of prior alliance experience on acquisition performance," Applied Economics, Taylor & Francis Journals, vol. 45(6), pages 765-773, February.
  22. Olibe, Kingsley O. & Rezaee, Zabihollah & Flagg, James & Ott, Richard, 2019. "Corporate diversification, debt maturity structures and firm value: The role of geographic segment data," The Quarterly Review of Economics and Finance, Elsevier, vol. 74(C), pages 206-219.
  23. Wenwen Zhan & John Turner, 2012. "Crossing the River by Touching Stones?: The Reform of Corporate Ownership in China," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 19(3), pages 233-258, September.
  24. Sheng‐Syan Chen & Robin K. Chou & Shu‐Fen Chou, 2009. "The Impact of Investment Opportunities and Free Cash Flow on Financial Liberalization:A Cross‐Firm Analysis of Emerging Economies," Financial Management, Financial Management Association International, vol. 38(3), pages 543-566, September.
  25. Doukas, John A. & Pantzalis, Christos, 2003. "Geographic diversification and agency costs of debt of multinational firms," Journal of Corporate Finance, Elsevier, vol. 9(1), pages 59-92, January.
  26. Leonidas G Barbopoulos & Jo Danbolt & Dimitris Alexakis, 2018. "The role of earnout financing on the valuation effects of global diversification," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 49(5), pages 523-551, July.
  27. Arena, Matteo P. & Dewally, Michaël & Jain, Bharat A. & Shao, Yingying, 2022. "Family firms' cross-border mergers and acquisitions," International Review of Financial Analysis, Elsevier, vol. 82(C).
  28. Francis, Bill B. & Hasan, Iftekhar & Sun, Xian, 2008. "Financial market integration and the value of global diversification: Evidence for US acquirers in cross-border mergers and acquisitions," Journal of Banking & Finance, Elsevier, vol. 32(8), pages 1522-1540, August.
  29. Hyung-Jong Na & Hyeon Kang & Hyang-Eun Lee, 2021. "Does Tax Incentives Affect Future Firm Value for Corporate Sustainability?," Sustainability, MDPI, vol. 13(22), pages 1-17, November.
  30. Pablo A. Garcia‐Fuentes & Gustavo F. C. Ferreira & P. Lynn Kennedy, 2013. "Economic Performance of U.S. Multinational Agribusinesses: Foreign Direct Investment and Firm Strategy," Agribusiness, John Wiley & Sons, Ltd., vol. 29(2), pages 242-255, March.
  31. Aleksanyan, Mark & Hao, Zhiwei & Vagenas-Nanos, Evangelos & Verwijmeren, Patrick, 2021. "Do state visits affect cross-border mergers and acquisitions?," Journal of Corporate Finance, Elsevier, vol. 66(C).
  32. Shigeru Asaba, 2013. "Patient investment of family firms in the Japanese electric machinery industry," Asia Pacific Journal of Management, Springer, vol. 30(3), pages 697-715, September.
  33. Pablo A. Garcia-Fuentes & Gustavo F. C. Ferreira & P. Lynn Kennedy & Felipe Perez, 2017. "Economic Performance of U.S. Multinational Manufacturing Firms: The Linkages between Foreign Direct Investment and Firm Strategy," International Business Research, Canadian Center of Science and Education, vol. 10(1), pages 240-252, January.
  34. John A. Doukas & Dimitris Petmezas, 2007. "Acquisitions, Overconfident Managers and Self‐attribution Bias," European Financial Management, European Financial Management Association, vol. 13(3), pages 531-577, June.
  35. Guo, Jianquan & Cheng, He, 2024. "Performance feedback on sales growth and M&A: Evidence from China," Japan and the World Economy, Elsevier, vol. 69(C).
  36. Julan Du & Charles Ka Yui Leung & Derek Chu, 2014. "Return Enhancing, Cash-rich or simply Empire-Building? An Empirical Investigation of Corporate Real Estate Holdings," International Real Estate Review, Global Social Science Institute, vol. 17(3), pages 301-357.
  37. Chang, Shao-Chi & Huang, Ping-Chang, 2002. "Corporate multinationalism, organizational learning, and market reaction to international joint ventures: Evidence from Taiwan," Global Finance Journal, Elsevier, vol. 13(2), pages 181-194.
  38. Mallon, Mark R. & Fainshmidt, Stav, 2017. "Assets of Foreignness: A Theoretical Integration and Agenda for Future Research," Journal of International Management, Elsevier, vol. 23(1), pages 43-55.
  39. Chang, Shao-Chi & Chen, Sheng-Syan & Liu, Yichen, 2004. "Why firms use convertibles: A further test of the sequential-financing hypothesis," Journal of Banking & Finance, Elsevier, vol. 28(5), pages 1163-1183, May.
  40. Eckert, Stefan & Dittfeld, Marcus & Muche, Thomas & Rässler, Susanne, 2010. "Does multinationality lead to value enhancement? An empirical examination of publicly listed corporations from Germany," International Business Review, Elsevier, vol. 19(6), pages 562-574, December.
  41. Jerry Coakley & Stavroula Iliopoulou, 2006. "Bidder CEO and Other Executive Compensation in UK M&As," European Financial Management, European Financial Management Association, vol. 12(4), pages 609-631, September.
  42. Kiymaz, Halil, 2009. "The impact of country risk ratings on U.S. firms in large cross-border acquisitions," Global Finance Journal, Elsevier, vol. 20(3), pages 235-247.
  43. Barbopoulos, Leonidas & Marshall, Andrew & MacInnes, Cameron & McColgan, Patrick, 2014. "Foreign direct investment in emerging markets and acquirers’ value gains," International Business Review, Elsevier, vol. 23(3), pages 604-619.
  44. Batten, Jonathan A. & Khaw, Karren Lee-Hwei & Young, Martin R., 2021. "Convertible debt and asset substitution of multinational corporations," Journal of Corporate Finance, Elsevier, vol. 67(C).
  45. Feito-Ruiz, Isabel & Menéndez-Requejo, Susana, 2011. "Cross-border Mergers and Acquisitions in different legal environments," International Review of Law and Economics, Elsevier, vol. 31(3), pages 169-187, September.
  46. Ferris, Stephen P. & Sen, Nilanjan & Lim, Chee Yeow & Yeo, Gillian H. H., 2002. "Corporate focus versus diversification: the role of growth opportunities and cashflow," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 12(3), pages 231-252, July.
  47. Driffield, Nigel & Pal, Sarmistha, 2001. "The East Asian crisis and financing corporate investment: is there a cause for concern?," Journal of Asian Economics, Elsevier, vol. 12(4), pages 507-527.
  48. Gregory, Alan & O'Donohoe, Sheila, 2014. "Do cross border and domestic acquisitions differ? Evidence from the acquisition of UK targets," International Review of Financial Analysis, Elsevier, vol. 31(C), pages 61-69.
  49. Pandey, Vivek & Steigner, Tanja & Sutton, Ninon K., 2023. "The value of economic freedom in cross-border mergers," International Review of Economics & Finance, Elsevier, vol. 86(C), pages 540-563.
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