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Persistent link: https://www.econbiz.de/10000881399
Using a sample of control cross-border acquisitions from 61 countries from 1990 to 2007, we find that acquirers from countries with better governance gain more from such acquisitions and their gains are higher when targets are from countries with worse governance. Other acquirer country...
Persistent link: https://www.econbiz.de/10012461981
While there has been significant research to explore the determinants (and frictions) of foreign direct investment (FDI), past literature primarily focuses on country-wide FDI patterns with little examination of sectoral heterogeneity in FDI. Anecdotally, there is substantial sectoral...
Persistent link: https://www.econbiz.de/10012456133
total number and 37% of the total volume of M&As around the world since the early 1990s. We survey the literature on cross …
Persistent link: https://www.econbiz.de/10013435159
relatively low in value added per employee at the time of takeover and before, a characteristic we take to indicate relatively …-term recoveries after takeover from the misfortunes of the takeover year and a return to higher growth rates of employment and output … year or two after takeover but seem to have increased their profitability or efficiency relative to their industries. The …
Persistent link: https://www.econbiz.de/10012478083
ion of firms for takeover is based on f inn characteristics, not industry characteristics. After takeover by foreigners …, by the crude measurements we have been able to apply so far, do not seem to be affected in any consistent way by takeover …
Persistent link: https://www.econbiz.de/10012478480
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...
Persistent link: https://www.econbiz.de/10012463861
Moreover, we find that there is no positive impact on target firms' profitability in the case of both within-group in-in acquisitions and in-in acquisitions by domestic outsiders. In fact, in the manufacturing sector, the return on assets even deteriorated one year and two years after...
Persistent link: https://www.econbiz.de/10012466243
Chinese Central Bank to companies investing abroad. The second is the transparency of entities involved in the buyout attempt …
Persistent link: https://www.econbiz.de/10012466597
We develop an assignment theory to analyze the volume and composition of foreign direct investment (FDI). Firms conduct FDI by either engaging in greenfield investment or in cross-border acquisitions. Cross-border acquisitions involve firms trading heterogeneous corporate assets to exploit...
Persistent link: https://www.econbiz.de/10012467684