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A Reference Point Theory of Mergers and Acquisitions

Baker, Malcolm P. - 2010

The use of judgmental anchors or reference points in valuing corporations affects several basic aspects of merger and acquisition activity including offer prices, deal success, market reaction, and merger waves. Offer prices are biased towards the 52-week high, a highly salient but largely...

Persistent link: https://www.econbiz.de/10013149991

Heterogeneous Frictional Costs Across Industries in Cross-Border Mergers and Acquisitions

Blonigen, Bruce A. - 2016

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/10012984746

Catching-Up to Foreign Technology? Evidence on the "Veblen-Gerschenkron" Effect of Foreign Investments

Urban, Dieter M.; Peri, Giovanni - 2022

The presence of foreign multinational enterprises may benefit local economies. In particular, highly productive foreign-owned firms may promote technological catch-up of local firms. Such channel of spillovers is defined as "Veblen-Geschenkron" effect of Foreign Direct Investments and is...

Persistent link: https://www.econbiz.de/10013324631

Cash-Out or Flame-Out! Opportunity Cost and Entrepreneurial Strategy : Theory, and Evidence from the Information Security Industry

Arora, Ashish; Nandkumar, Anand - 2021

We analyze how entrepreneurial opportunity cost conditions performance. We depart from the literature on entrepreneurship which identifies survival with performance. Instead, many entrepreneurs aim for a cash-out (IPO or acquisition), especially in innovation based industries. Striving for a...

Persistent link: https://www.econbiz.de/10013311941

Cross-Border Acquisitions and Target Firms' Performance : Evidence from Japanese Firm-Level Data

Fukao, Kyoji - 2010

Using Japanese firm-level data for the period from 1994-2002, this paper examines whether a firm is chosen as an acquisition target based on its productivity level, profitability and other characteristics and whether the performance of Japanese firms that were acquired by foreign firms improves...

Persistent link: https://www.econbiz.de/10012760742

Fire-Sale FDI or Business as Usual?

Alquist, Ron - 2018

Using a new data set, we examine the characteristics and dynamics of cross-border mergers and acquisitions during emerging-market financial crises, that is, so-called "fire-sale FDI". Our findings shed fresh light on whether the transactions undertaken during crisis periods differ in fundamental...

Persistent link: https://www.econbiz.de/10012938544

Cross-Border Acquisitions and Labor Regulations

Levine, Ross - 2015

Do labor regulations influence the reaction of stock markets and firm profitability to cross-border acquisitions? We discover that acquiring firms enjoy smaller abnormal stock returns and profits when targets are in countries with stronger labor protection regulations, i.e., in countries where...

Persistent link: https://www.econbiz.de/10013021471

Swedish Firms Acquired by Foreigners : A Comparison of Before and after Takeover

Lipsey, Robert E. - 2004

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/10012786214

Foreign Ownership and Employment Growth in Indonesian Manufacturing

Lipsey, Robert E. - 2010

. Foreign takeover of a domestically-owned plant, on average, brings a large immediate expansion of employment …

Persistent link: https://www.econbiz.de/10013144499

Recent Chinese Buyout Activity and the Implications for Global Architecture

Antkiewicz, Agata; Whalley, John - 2021

We discuss recent cases of Chinese buyout activity in the OECD (especially in the US and the EU) in resource and manufacturing sectors. While most of the buyout attempts have been unsuccessful, they can serve as a catalyst for a wider discussion on the implications for global arrangements over...

Persistent link: https://www.econbiz.de/10013310167

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