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- W1975243253 abstract "What are the important characteristics of cross-border acquisitions (CBAs) by firms from emerging countries and do these acquisitions create market value for the acquirers? Using a unique and a manually collected dataset, we identify 698 CBAs made by emerging country firms during the period January 1991 through December 2008. Targets tend to be small (by U.S. transaction value measures) – the median ranging between $10 million to $40 million (in 2008 dollars). However, from 2000 to 2008, 24 acquisitions were worth more than a billion dollars each. Emerging country acquirers experience a positive and a significant market response of 1.09% on the announcement day. Additionally, in the cross-section, acquirer returns are positively correlated with (better) corporate governance measures in the target country. The positive announcement return and the cross-sectional relation between these returns and governance measures are consistent with Martynova and Renneboog’s (2008) and Khanna and Palepu’s (2004) bootstrapping hypothesis: The acquirer voluntarily bootstraps itself to the higher governance standards of the target – resulting in a positive valuation impact for the acquirer." @default.
- W1975243253 created "2016-06-24" @default.
- W1975243253 creator A5018998755 @default.
- W1975243253 creator A5023758419 @default.
- W1975243253 creator A5052563494 @default.
- W1975243253 date "2010-01-01" @default.
- W1975243253 modified "2023-09-22" @default.
- W1975243253 title "Emerging Country Cross-Border Acquisitions: Characteristics, Acquirer Returns and Cross-Sectional Determinants" @default.
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- W1975243253 doi "https://doi.org/10.2139/ssrn.1571349" @default.
- W1975243253 hasPublicationYear "2010" @default.
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