| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w10872 |
| 来源ID | Working Paper 10872 |
| Acquiring Control in Emerging Markets: Evidence from the Stock Market | |
| Anusha Chari; Paige P. Ouimet; Linda L. Tesar | |
| 发表日期 | 2004-11-01 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | When firms from developed markets acquire firms in emerging markets, market-capitalization-weighted monthly joint returns show a statistically significant increase of 1.8%. Panel data estimations suggest that the value gains from cross-border M&A transactions stem from the transfer of majority control from emerging-market targets to developed market acquirers' joint returns range from 5.8% to 7.8% when majority control is acquired. Announcement returns for acquirer and target firms estimate the distribution of gains and show a statistically significant increase of 2.4% and 6.9%, respectively. The evidence suggests that the stock market anticipates significant value creation from cross-border transactions that involve emerging-market targets leading to substantial gains for shareholders of both acquirer and target firms. |
| 主题 | International Economics ; International Finance ; Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w10872 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/568505 |
| 推荐引用方式 GB/T 7714 | Anusha Chari,Paige P. Ouimet,Linda L. Tesar. Acquiring Control in Emerging Markets: Evidence from the Stock Market. 2004. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w10872.pdf（322KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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