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Cross-border acquisitions and shareholder wealth: Tests of the synergy and internalization hypotheses

Citations

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Cited by:

  1. Hao, Ming-Hong & Scheraga, Harold A., 1997. "On foldable protein-like models; a statistical-mechanical study with Monte Carlo simulations," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 244(1), pages 124-146.
  2. Akhigbe, Aigbe & Martin, Anna D. & Newman, Melinda, 2003. "Exchange rate exposure and valuation effects of cross-border acquisitions," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 13(3), pages 255-269, July.
  3. Worek, Maija & De Massis, Alfredo & Wright, Mike & Veider, Viktoria, 2018. "Acquisitions, disclosed goals and firm characteristics: A content analysis of family and nonfamily firms," Journal of Family Business Strategy, Elsevier, vol. 9(4), pages 250-267.
  4. Choi, Sungho & Francis, Bill B. & Hasan, Iftekhar, 2010. "Cross-border bank M&As and risk: evidence from the bond market," Bank of Finland Research Discussion Papers 4/2010, Bank of Finland.
  5. Antonios Antoniou & Dimitris Petmezas & Huainan Zhao, 2007. "Bidder Gains and Losses of Firms Involved in Many Acquisitions," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 34(7‐8), pages 1221-1244, September.
  6. Jorg Bley & Jeff Madura, 2003. "Intra-industry and inter-country effects of European mergers," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 27(3), pages 373-395, September.
  7. Reddy, Kotapati Srinivasa, 2015. "Extant Reviews on Entry-mode/Internationalization, Mergers & Acquisitions, and Diversification: Understanding Theories and Establishing Interdisciplinary Research," MPRA Paper 63744, University Library of Munich, Germany, revised 2015.
  8. J. Barry Lin & Christos Pantzalis & Jung Chul Park, 2009. "Derivatives Use, Information Asymmetry, and MNC Post‐Acquisition Performance," Financial Management, Financial Management Association International, vol. 38(3), pages 631-661, September.
  9. Lorenzo Bencivelli & Beniamino Pisicoli, 2021. "Foreign investors and target firms’ financial structure: cavalry or locusts?," Temi di discussione (Economic working papers) 1327, Bank of Italy, Economic Research and International Relations Area.
  10. Ly, Kim Cuong & Liu, Hong & Opong, Kwaku, 2017. "Who acquires whom among stand-alone commercial banks and bank holding company affiliates?," International Review of Financial Analysis, Elsevier, vol. 54(C), pages 144-158.
  11. 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.
  12. Ayşe Yüce, 2016. "Mergers and Acquisitions by Emerging Country Multinational Companies," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 6(7), pages 416-424, July.
  13. Kinateder, Harald & Fabich, Matthias & Wagner, Niklas, 2017. "Domestic mergers and acquisitions in BRICS countries: Acquirers and targets," Emerging Markets Review, Elsevier, vol. 32(C), pages 190-199.
  14. Pyykkö, Elina, 2009. "Stock market valuation of R&D spending of firms acquiring targets from technologically abundant countries," Journal of Multinational Financial Management, Elsevier, vol. 19(2), pages 111-126, April.
  15. de Jong, Abe & Veld, Chris, 2001. "An empirical analysis of incremental capital structure decisions under managerial entrenchment," Journal of Banking & Finance, Elsevier, vol. 25(10), pages 1857-1895, October.
  16. Ismailescu, Iuliana & Col, Burcin, 2022. "Cross-border M&As and credit risk: Evidence from the CDS market," Journal of Empirical Finance, Elsevier, vol. 66(C), pages 51-73.
  17. Paul André & Walid Ben-Amar & Samir Saadi, 2014. "Family firms and high technology Mergers & Acquisitions," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 18(1), pages 129-158, February.
  18. Jo Danbolt, 2004. "Target Company Cross‐border Effects in Acquisitions into the UK," European Financial Management, European Financial Management Association, vol. 10(1), pages 83-108, March.
  19. Jesse Ellis & Sara B. Moeller & Frederik P. Schlingemann & René M. Stulz, 2011. "Globalization, Governance, and the Returns to Cross-Border Acquisitions," NBER Working Papers 16676, National Bureau of Economic Research, Inc.
  20. 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.
  21. Neelam Rani & Aman Asija, 2017. "Has Financial Crisis Affected the Announcement Gains of Indian Cross-border Acquisitions?," IIM Kozhikode Society & Management Review, , vol. 6(1), pages 55-66, January.
  22. Marina Martynova & Luc Renneboog, 2011. "The Performance of the European Market for Corporate Control: Evidence from the Fifth Takeover Wave," European Financial Management, European Financial Management Association, vol. 17(2), pages 208-259, March.
  23. Markus Mentz & Dirk Schiereck, 2008. "Cross-border mergers and the cross-border effect: the case of the automotive supply industry," Review of Managerial Science, Springer, vol. 2(3), pages 199-218, November.
  24. repec:zbw:bofrdp:2010_004 is not listed on IDEAS
  25. Moshfique Uddin & Agyenim Boateng, 2009. "An analysis of short‐run performance of cross‐border mergers and acquisitions," Review of Accounting and Finance, Emerald Group Publishing Limited, vol. 8(4), pages 431-453, October.
  26. Rao-Nicholson, Rekha & Ayton, Julie (Salaber), 2016. "Euphoria in financial markets: How Indian companies generate value in their cross-border acquisitions," Research in International Business and Finance, Elsevier, vol. 38(C), pages 494-508.
  27. Awdeh, Ali & EL-Moussawi, Chawki, 2011. "Analysing the Motives and the Outcomes of Bank Mergers," MPRA Paper 119120, University Library of Munich, Germany.
  28. Akhigbe, Aigbe & Martin, Anna D., 2000. "Information-signaling and competitive effects of foreign acquisitions in the US," Journal of Banking & Finance, Elsevier, vol. 24(8), pages 1307-1321, August.
  29. Torsten Gerpott, 2009. "Forschung & Entwicklung und technologieorientierte Unternehmensakquisitionen," Metrika: International Journal for Theoretical and Applied Statistics, Springer, vol. 20(1), pages 9-41, May.
  30. Wan, Kam-Ming & Wong, Ka-fu, 2009. "Economic impact of political barriers to cross-border acquisitions: An empirical study of CNOOC's unsuccessful takeover of Unocal," Journal of Corporate Finance, Elsevier, vol. 15(4), pages 447-468, September.
  31. McCahery, J.A. & Renneboog, L.D.R., 2003. "The Economics of the Proposed European Takeover Directive," Other publications TiSEM b16fdfd0-9e4e-44bb-b20f-f, Tilburg University, School of Economics and Management.
  32. Sharma, Abhijit & Raat, Erwin, 2016. "Acquiring control in emerging markets: Foreign acquisitions in Eastern Europe and the effect on shareholder wealth," Research in International Business and Finance, Elsevier, vol. 37(C), pages 153-169.
  33. Benjamin Hammer & Heiko Hinrichs & Bernhard Schwetzler, 2018. "Does culture affect the performance of private equity buyouts?," Journal of Business Economics, Springer, vol. 88(3), pages 393-469, May.
  34. Shams, Syed & Gunaskerage, Abeyratna & Velayutham, Eswaran, 2022. "Economic policy uncertainty and acquisition performance: Australian evidence," International Review of Economics & Finance, Elsevier, vol. 78(C), pages 286-308.
  35. Singh, Manohar & Davidson, Wallace III & Suchard, Jo-Ann, 2003. "Corporate diversification strategies and capital structure," The Quarterly Review of Economics and Finance, Elsevier, vol. 43(1), pages 147-167.
  36. Ayton, Julie & Rao-Nicholson, Rekha, 2018. "Cross-border arbitrage and acquirers’ returns in the Eurozone crisis," Journal of Economics and Business, Elsevier, vol. 95(C), pages 87-102.
  37. Hicham SBAI, 2017. "Les déterminants de la destruction de valeur à court terme pour l'entreprise acquéreuse," Journal of Academic Finance, RED research unit, university of Gabes, Tunisia, vol. 8(2), December.
  38. Chkir, Imed E., 2002. "L’effet des acquisitions internationales sur la structure du capital," L'Actualité Economique, Société Canadienne de Science Economique, vol. 78(2), pages 153-178, Juin.
  39. Lorenzo Bencivelli & Beniamino Pisicoli, 2022. "Foreign investors and target firms’ financial structure," International Economics, CEPII research center, issue 169, pages 230-251.
  40. M. Àngels Oliva & Luis Rivera-Bátiz, 1997. "Multinationals, technology networks and international takeovers," Economics Working Papers 231, Department of Economics and Business, Universitat Pompeu Fabra.
  41. ATM Adnan, 2018. "Home vs. Cross-Border Takeovers: Is There Any Difference in Investor Perception?," European Financial and Accounting Journal, Prague University of Economics and Business, vol. 2018(2), pages 59-84.
  42. Francis, Bill B. & Hasan, Iftekhar & Sun, Xian, 2006. "Financial market integration and the value of global diversification: evidence for US acquirers in cross-border mergers and acquisitions," Bank of Finland Research Discussion Papers 24/2006, Bank of Finland.
  43. Sungho Choi & Bill B. Francis & Iftekhar Hasan, 2010. "Cross‐Border Bank M&As and Risk: Evidence from the Bond Market," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 42(4), pages 615-645, June.
  44. Kenneth Carow & Dianne Roden, 1998. "Determinants of the stock price reaction to leveraged buyouts," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 22(1), pages 37-47, March.
  45. C Conn & A Cosh & P Guest & A Hughes, 2001. "Long-Run Share Performance of UK Firms Engaging in Cross-Border Acquisitions," Working Papers wp214, Centre for Business Research, University of Cambridge.
  46. Kuipers, David R. & Miller, Darius P. & Patel, Ajay, 2009. "The legal environment and corporate valuation: Evidence from cross-border takeovers," International Review of Economics & Finance, Elsevier, vol. 18(4), pages 552-567, October.
  47. Dranev, Yury & Frolova, Ksenia & Ochirova, Elena, 2019. "The impact of fintech M&A on stock returns," Research in International Business and Finance, Elsevier, vol. 48(C), pages 353-364.
  48. Tomasz P. Bednarczyk & Dirk Schiereck & Hardrik N. Walter, 2010. "Cross-border acquisitions and shareholder wealth: Evidence from the energy and industry in Central and Eastern Europe," Journal of East European Management Studies, Nomos Verlagsgesellschaft mbH & Co. KG, vol. 15(2), pages 106-127.
  49. Cheng-Wei Wu & Jeffrey J. Reuer, 2021. "Effects of R&D Investments and Market Signals on International Acquisitions: Evidence from IPO Firms," JRFM, MDPI, vol. 14(5), pages 1-27, April.
  50. Emma L. Black & Angelos J. Doukas & Xiaofei Xing & Jie (Michael) Guo, 2015. "Gains to Chinese Bidder Firms: Domestic vs. Foreign Acquisitions," European Financial Management, European Financial Management Association, vol. 21(5), pages 905-935, November.
  51. Clay Moffett & Mohammad Naserbakht, 2013. "Stock Price Behavior of Acquirers and Targets Due to M&A Announcement in USA Banking," Iranian Economic Review (IER), Faculty of Economics,University of Tehran.Tehran,Iran, vol. 18(1), pages 105-114, winter.
  52. Li, Jiatao & Li, Peixin & Wang, Baolian, 2016. "Do cross-border acquisitions create value? Evidence from overseas acquisitions by Chinese firms," International Business Review, Elsevier, vol. 25(2), pages 471-483.
  53. Kenneth Carow & Dianne Roden, 1997. "Determinants of the stock price reaction to leveraged buyouts," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 21(3), pages 49-59, September.
  54. 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.
  55. Jerayr J. Haleblian & Michael D. Pfarrer & Jason T. Kiley, 2017. "High-Reputation Firms and Their Differential Acquisition Behaviors," Strategic Management Journal, Wiley Blackwell, vol. 38(11), pages 2237-2254, November.
  56. Hou, Xipei & Shen, Yinjie(Victor) & Xing, Jing & Zhou, Fuzhao, 2023. "Hastily announced: Mergers and acquisitions with pledging shareholders," Journal of Financial Stability, Elsevier, vol. 67(C).
  57. Otchere, Isaac & Ip, Edwina, 2006. "Intra-industry effects of completed and cancelled cross border acquisitions in Australia: A test of the acquisition probability hypothesis," Pacific-Basin Finance Journal, Elsevier, vol. 14(2), pages 209-230, April.
  58. Yanga, Shuying & Kim, Seongcheol, 2017. "Do Cross-border M&As by Chinese Media and Entertainment Firms Create Value? Evidence from US-targeted and Korea-targeted Deals," 14th ITS Asia-Pacific Regional Conference, Kyoto 2017: Mapping ICT into Transformation for the Next Information Society 168549, International Telecommunications Society (ITS).
  59. Gregory, Alan & McCorriston, Steve, 2005. "Foreign acquisitions by UK limited companies: short- and long-run performance," Journal of Empirical Finance, Elsevier, vol. 12(1), pages 99-125, January.
  60. Gleason, Kimberly C. & Lee, Chun I & Mathur, Ike, 2002. "Dimensions of international expansions by US firms to China: Wealth effects, mode selection, and firm-specific factors," International Review of Economics & Finance, Elsevier, vol. 11(2), pages 139-154, May.
  61. Kohli, Reena & Mann, Bikram Jit Singh, 2012. "Analyzing determinants of value creation in domestic and cross border acquisitions in India," International Business Review, Elsevier, vol. 21(6), pages 998-1016.
  62. Pacheco, Luís, 2016. "Capital structure and internationalization: The case of Portuguese industrial SMEs," Research in International Business and Finance, Elsevier, vol. 38(C), pages 531-545.
  63. repec:zbw:bofrdp:2006_024 is not listed on IDEAS
  64. Hicham SBAI, 2017. "Les déterminants de la destruction de valeur à court terme pour l'entreprise acquéreuse," Journal of Academic Finance, RED research unit, university of Gabes, Tunisia, vol. 8(2), December.
  65. Burns, Natasha & Francis, Bill B. & Hasan, Iftekhar, 2007. "Cross-listing and legal bonding: Evidence from mergers and acquisitions," Journal of Banking & Finance, Elsevier, vol. 31(4), pages 1003-1031, April.
  66. Rui, Huaichuan & Yip, George S., 2008. "Foreign acquisitions by Chinese firms: A strategic intent perspective," Journal of World Business, Elsevier, vol. 43(2), pages 213-226, March.
  67. 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.
  68. Amihud, Yakov & DeLong, Gayle L. & Saunders, Anthony, 2002. "The effects of cross-border bank mergers on bank risk and value," Journal of International Money and Finance, Elsevier, vol. 21(6), pages 857-877, November.
  69. Kohli, Reena & Mann, Bikram Jit Singh, 2013. "Analyzing the likelihood and the impact of earnout offers on acquiring company wealth gains in India," Emerging Markets Review, Elsevier, vol. 16(C), pages 203-222.
  70. 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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