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Shachmurove, Yochanan; Vulanovic, Milos - 2014 - Preprint, February 8th, 2014

In this study, we examine characteristics of Specified Purpose Acquisition Companies (SPACs) used as a financing tool for companies from China in period 2004-2011. We offer the evidence that, similarly to evidence from studies on reverse mergers focusing on China, SPACs that focus on China are...

Persistent link: https://www.econbiz.de/10010372686

Alternative Corporate Governance : Domestic Media Coverage of Mergers and Acquisitions in China

Borochin, Paul - 2015

A text analysis of domestic Chinese newspaper articles on 797 proposed mergers shows that media in developing countries are quantifiably susceptible to pressure: media coverage is more favorable for deals consistent with government objectives and involving powerful local firms. However, we also...

Persistent link: https://www.econbiz.de/10013033415

The Information Implication of Merger and Acquisition Announcements : Evidence from the U.S. And China

Liang, Hao - 2010

This study examines the impact of merger and acquisition (M&A) announcements made by U.S. companies listed on New York Stock Exchange (NYSE) and Chinese companies listed on Shanghai and Shenzhen stock exchanges on acquiring frms' stock returns. The event study methodology is employed to...

Persistent link: https://www.econbiz.de/10013143825

Gains to Chinese Bidder Firms : Domestic vs. Foreign Acquisitions

Black, Emma L. - 2013

This paper examines whether foreign acquisition of Chinese firms improves share price performance relative to domestic acquisitions. The results show that foreign acquisitions are not associated with positive abnormal returns in the short-run, but that they are so associated for domestic...

Persistent link: https://www.econbiz.de/10013080592

Is Targets’ Business Experience Valuable to Acquirers? Evidence from the U.S. Grant of PNTR Status to China

Chen, Sheng‐Syan; Peng, Shu-Cing - 2022

We exploit the U.S. grant of Permanent Normal Trade Relations (PNTR) status to China as a quasi-policy shock to corporate demand for targets with China-related business experience, and investigate how such a shock affects U.S. acquirers’ target selection and performance. U.S. firms are more...

Persistent link: https://www.econbiz.de/10013309377

Does target firm's earnings management affect shareholder's gains? : evidence from China

Mughal, Azhar; Haque, Abdul; Zahid, Zohaib; Ali, Furman; … - In: Credit and capital markets : Kredit und Kapital 55 (2022) 2, pp. 203-226

takeover announcement. We find no evidence of earnings management immediately after the announcement quarter. …This study tests the hypothesis that the target firms are involved in earnings management activities in quarters … leading to a takeover announcement. Using a sample of 3,455 Chinese listed firms that are targets of successful acquisitions …

Persistent link: https://www.econbiz.de/10014518537

What determines M&A legal and financial advisors' competitiveness in an international financial centre : using China’s going out policy as a natural experiment

Michael, Bryane; Wojick, Dariusz; Arner, Douglas W.; … - 2015

have responded to advisory opportunities using what management theorists call "blue ocean strategy." We show that …

Persistent link: https://www.econbiz.de/10011281994

Shell Games : The Long Term Performance of Chinese Reverse Merger Firms

Lee, Charles M.C. - 2014

We examine the financial health and performance of reverse mergers (RMs) that became active on U.S. stock markets between 2001 and 2010, particularly those from China (around 85% of all foreign RMs). As a group, RMs are early-stage companies that typically trade over-the-counter. Chinese RMs...

Persistent link: https://www.econbiz.de/10013065341

Cross-Border Acquisitions in a Transition Economy : Recent Experiences of China and India

Nagano, Mamoru - 2015

This paper examines the causes and consequences of cross-border acquisitions in a transition economy using the 1998-2006 deal data for targeted Chinese and Indian firms and foreign acquirers. Our empirical analysis resulted in three important findings. First, firms with high cash reserve ratio...

Persistent link: https://www.econbiz.de/10013038556

The Convergence of the Chinese and Western Takeover Markets

Song, Guoxiang - 2009

The evolution of the Chinese takeover market and its integration with the international takeover market are analysed in … decentralised “Anglo-Saxon” takeover market. Second, the paper provides statistical and case material on the extent to which the … Chinese takeover market has in practice become aligned with that of the US and UK. And, third, it presents case evidence on …

Persistent link: https://www.econbiz.de/10013154501

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