G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w10872
来源IDWorking 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
URLhttps://www.nber.org/papers/w10872
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/568505
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Anusha Chari,Paige P. Ouimet,Linda L. Tesar. Acquiring Control in Emerging Markets: Evidence from the Stock Market. 2004.
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