| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w14786 |
| 来源ID | Working Paper 14786 |
| Foreign Ownership and Firm Performance: Emerging-Market Acquisitions in the United States | |
| Anusha Chari; Wenjie Chen; Kathryn M.E. Dominguez | |
| 发表日期 | 2009-03-12 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | This paper examines the recent upsurge in foreign acquisitions of U.S. firms, specifically focusing on acquisitions made by firms located in emerging markets. Neoclassical theory predicts that, on net, capital should flow from countries that are capital-abundant to countries that are capital-scarce. Yet increasingly emerging market firms are acquiring assets in developed countries. Using transaction-specific acquisition data and firm-level accounting data we evaluate the post-acquisition performance of publicly traded U.S. firms that have been acquired by firms from emerging markets over the period 1980-2007. Our empirical methodology uses a difference-in-differences approach combined with propensity score matching to create an appropriate control group of non-acquired firms. The results suggest that emerging country acquirers tend to choose U.S. targets that are larger in size (measured as sales, total assets and employment), relative to matched non-acquired U.S. firms before the acquisition year. In the years following the acquisition, sales and employment decline while profitability rises, suggesting significant restructuring of the target firms. |
| 主题 | International Economics ; International Factor Mobility ; Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w14786 |
| 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/572462 |
| 推荐引用方式 GB/T 7714 | Anusha Chari,Wenjie Chen,Kathryn M.E. Dominguez. Foreign Ownership and Firm Performance: Emerging-Market Acquisitions in the United States. 2009. |
| 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 | ||
| w14786.pdf（185KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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