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Persistent link: https://www.econbiz.de/10011391874
Entry by multinational enterprises (MNEs) into emerging markets has increased substantially over the last decades. Many of these MNE entries have taken place in concentrated markets. To capture these features, we construct a strategic interaction model of MNE cross-border acquisition and...
Persistent link: https://www.econbiz.de/10011981294
categorize the sample M&A deals as (1) Acquisition of Pakistani banks by the foreign investors, (2) Merger of Pakistani banks … with the other domestic banks and (3) Merger of Pakistani banks with the foreign banks operating in Pakistan. The results … indicate statistically significant investor reactions around the merger announcements. For individual target and bidder banks …
Persistent link: https://www.econbiz.de/10013139589
The study is aimed at the assessment of the effect of mergers and acquisitions on the fundamental value of acquiring companies in BRICS countries. The approach based on the residual income model was applied. The pre-acquisition expected fundamental value of the acquiring company and its realized...
Persistent link: https://www.econbiz.de/10013012583
anchoring bias in evaluating the effect of a merger or acquisition announcement by Russian investors. We demonstrate a …
Persistent link: https://www.econbiz.de/10012929156
How do financial frictions shape the set of acquirers, how much they acquire, and how long they keep ownership? To address these questions, we develop a tractable model of M&As whereby acquirers and targets emerge endogenously due to differences in liquidity. Financial crises lead to selection...
Persistent link: https://www.econbiz.de/10011927229
We analyze factors behind 23,213 distressed acquisitions in European emerging markets from 2007–2019. Besides the impact of financial ratios, legal form, ownership structure, firm size, and age, we emphasize the role of institutions and channels of their propagation. We show that the quality...
Persistent link: https://www.econbiz.de/10012508593
Following a global wave of consolidation in the banking industry, this study analyses 132 mergers and acquisitions (M&As) involving banks in emerging markets in Asia and Latin America between 1998 and 2009. An event study measures the change in shareholder value for acquirers and targets; and a...
Persistent link: https://www.econbiz.de/10013110595
Persistent link: https://www.econbiz.de/10003965300