We examine the announcement and post-acquisition share returns of 4,000 acquisitions by UK public firms during 1984-1998. We include acquisitions of domestic and cross-border targets, and of both publicly quoted and privately held targets. In acquisitions of domestic public targets, abnormal...

We propose a new determinant of firm value within a business group: controlling shareholders' value (CSV), the value of controlling shareholders' stake in an affiliate divided by their stake in all affiliates. We posit that controlling shareholders focus attention on the high-CSV affiliates....

In today's globalized economy, Mergers and Acquisitions (M&A) are being increasingly used the world over for improving the competitiveness of companies through gaining greater market share, broadening the portfolio to reduce business risk for entering new markets and geographies, capitalizing on...

Corporate restructuring has become a major component in the financial and economic environment all over the world. Industrial restructuring has raised important issues for business decisions as well as for public policy formulation. Since 1991, Indian industries have been increasingly exposed to...