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Multinational Firms, Internal Capital Markets, and the Value of Global Diversification
Sturgess, Jason - 2012
Over the period 1980-2007 multinational firms' investment grew four times faster than worldwide GDP. Yet the evidence … multinational firms' investment and global diversification have significantly increased over the past three decades …
Persistent link: https://www.econbiz.de/10013114610
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Multinational Firms, International Diversification, Value, and Governance
Sturgess, Jason - 2012
This paper presents evidence that subsidiaries of multinational firms have higher valuations than locally matched firms. Using a unique sample of 251 UK multinational firms and 4,676 subsidiaries, the paper finds that multinational firms achieve, on average, an international diversification...
Persistent link: https://www.econbiz.de/10013116775
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Are euro-area corporate bond markets irrelevant? : the effect of bond market access on investment
Von Beschwitz, Bastian; Howells, Conor T. - 2016
We compare how bond market access affects firms' investment decisions in the United States and the euro area. Having a … ratings have no effect on investment decisions. Similarly, firms with bond ratings have higher leverage in the United States …. Consistent with this explanation, euro-area bond ratings became more relevant for investment after the banking crisis of 2008 …
Persistent link: https://www.econbiz.de/10011563155
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Anatolia Kimya – A Cross-Border Acquisition in the Turkish Chemical Industry
Pereiro, Luis E. - 2011
Persistent link: https://www.econbiz.de/10013123127
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Are Euro-Area Corporate Bond Markets Irrelevant? The Effect of Bond Market Access on Investment
von Beschwitz, Bastian - 2016
We compare how bond market access affects firms' investment decisions in the United States and the euro area. Having a … ratings have no effect on investment decisions. Similarly, firms with bond ratings have higher leverage in the United States …. Consistent with this explanation, euro-area bond ratings became more relevant for investment after the banking crisis of 2008 …
Persistent link: https://www.econbiz.de/10013210430
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Ferreting Out Growth Through Cross-Border Mergers and Acquisitions
Bae, Kee-Hong; Kang, Jun-Koo; Wang, Xiaoqiao; Xiong, Nan - 2023
We examine a firm’s motivation to engage in cross-border mergers and acquisitions (CBMAs) and the source of value gains in such transactions. We find that the difference in industry growth opportunities between the target and acquirer countries (Relative industry growth (RIG)) is a key driving...
Persistent link: https://www.econbiz.de/10014350955
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Why Do Over-Deviated Firms from Target Leverage Undertake Foreign Acquisitions?
Ahmed, Yousry - 2018
This paper examines how deviation from firms' target leverage influences their decisions on undertaking foreign acquisitions. Using a sample of 5,746 completed bids by UK acquirers from 1987 to 2012, we observe that over-deviated firms are more likely to acquire foreign targets. Consistent with...
Persistent link: https://www.econbiz.de/10012915675
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Do CEOs Gain More in Foreign Acquisitions than Domestic Acquisitions?
Ozkan, Neslihan - 2011
This paper examines the impact of domestic and foreign acquisitions on chief executive officer (CEO) compensation packages using a sample of 147 completed bids by UK companies from 1999 to 2005. We find that foreign acquisitions lead to higher CEO compensation than domestic acquisitions....
Persistent link: https://www.econbiz.de/10014198176
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Review of the literature on merger waves
Cho, Sangjun; Chung, Chune Young - In: Journal of risk and financial management : JRFM 15 (2022) 10, pp. 1-21
Over the past few decades, the rapid growth of mergers and acquisitions (M&As) has received interest from academics and practitioners. While M&As continue to be the subject of thorough investigation from a corporate governance standpoint, comparatively less effort has been made to organize and...
Persistent link: https://www.econbiz.de/10013471479
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Global SPACs
Adami, Roberta; Mathew, Sudha; Sivaprasad, Sheeja - 2022
SPACs or Special Purpose Acquisition Companies are shell companies, created to raise capital and used by private firms to access capital markets. Using a global sample of SPAC firms, this study assesses their performance and finds evidence of significant positive abnormal returns for SPAC firms...
Persistent link: https://www.econbiz.de/10013403903