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Cross Border Vs Domestic Acquisitions
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Book Synopsis Cross-Border Vs. Domestic Acquisitions by : N.K. Chidambaran
Download or read book Cross-Border Vs. Domestic Acquisitions written by N.K. Chidambaran and published by . This book was released on 2017 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the domestic and cross-border acquisition decision of Indian firms in the nine-year period from 2002 to 2010, a period following liberalization in the economy. Acquisition activity both domestic and cross-border has increased over the period. We find that larger, younger firms, firms with cash on hand and low leverage, and relatively overvalued firms are more likely to make an acquisition and prefer to make a cross-border acquisition to a domestic acquisition. Firms with lower levels of promoter (founding shareholder) holdings, larger boards, and belonging to a group are more likely to make an acquisition, but are indifferent between making a domestic or a cross-border acquisition. Industry competition is a significant determinant of acquisition activity with firms in more competitive industries are more likely to make an acquisition and more likely to make a cross-border acquisition. Our results hold controlling for acquisitions by manufacturing firms, prior M&A experience, and taking into account alternate growth strategies followed by firms.
Book Synopsis Cross-border Mergers and Acquisitions by : O. Morresi
Download or read book Cross-border Mergers and Acquisitions written by O. Morresi and published by Springer. This book was released on 2014-11-19 with total page 333 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since their explosion in the mid-1990s, mergers and acquisitions (M&As) have turned into a global phenomenon with growing prevalence. A large number of theoretical and empirical studies focus on cross-border deals from several perspectives, such as motives, strategic issues, and performance. Most books treat these studies as specific characteristics of M&As, paying little attention to the distinctive elements that differentiate them from domestic operations. In short, there is now a real need for a fresh review and categorization of cross-border deals. Cross-Border Mergers and Acquisitions is the first book to provide readers with a complete guide to understanding the main concepts, theories, and results driving cross-border M&As. Morresi and Pezzi present an original framework that ties together the growing body of theoretical and empirical studies on the topic. This work describes the relevance of the phenomenon in terms of its economical, geographical, and historical impact, and analyzes the market- and accounting-based performance of cross-border deals.
Book Synopsis Are Cross-Border Acquisitions Different from Domestic Acquisitions? Evidence on Stock and Operating Performance for U.S. Acquirers by : Sara B. Moeller
Download or read book Are Cross-Border Acquisitions Different from Domestic Acquisitions? Evidence on Stock and Operating Performance for U.S. Acquirers written by Sara B. Moeller and published by . This book was released on 2006 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: We provide empirical evidence on how cross-border acquisitions from the perspective of an U.S. acquirer differ from domestic transactions, based on stock and operating performance measures. The distinction between domestic and cross-border acquisitions is a function of the change in market integration, which shifts the balance between the relative costs and benefits of cross-border versus domestic acquisitions. Furthermore, recent evidence on the costs of global diversification suggests another reason for a distinction between cross-border and domestic acquisitions. For a sample of 4,430 acquisitions between 1985 and 1995 and controlling for various factors we find that U.S. acquirers experience significantly lower stock and operating performance for cross-border than for domestic transactions. Stock returns are negatively associated with an increase in both global and industrial diversification. Cross-border takeover activity has increased during the past decade and the observed difference in bidder gains is more pronounced for the latter half of the sample period. With the exception of the U.K., bidder returns are negatively related to the target country's degree of economic restrictiveness. Lower bidder gains for cross-border transactions are consistent with the acquirer's inability to correctly value or capture synergies in cross-border takeovers.
Book Synopsis Are Cross-border Mergers and Acquisitions Better Or Worse Than Domestic Mergers and Acquisitions? by : Maha Diab Ayoush
Download or read book Are Cross-border Mergers and Acquisitions Better Or Worse Than Domestic Mergers and Acquisitions? written by Maha Diab Ayoush and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Mergers and acquisitions (M & As) are important corporate strategy actions that are vital for the companies in order to survive in this competitive global world. The popularity of those actions has increased over the years, especially in the international domain. In the UK, both the number and value of cross-border M & As has increased significantly over the years. Despite this increase, there haven't been enough studies or clear evidence about whether venturing abroad to acquire foreign targets leads the companies to better performance compared to staying domestically. Therefore, the purpose of this thesis is to investigate the M & A phenomenon deeply and compare between cross-border and domestic M & As made by UK public acquirer firms. More specifically, the thesis concentrates on three main issues which are: (1) the difference between the returns to shareholders of acquirer firms involved in cross-border and domestic M & As; (2) the difference between the operating performance of acquirer firms involved in cross-border and domestic M & As; and (3) the difference between the impacts of cross-border and domestic M & As on the operating performance of acquirer and target firms combined. Market-based and accounting-based approaches are used to investigate a sample of UK acquirer firms engaged in cross-border and domestic M & As both in the short-term and in the long-term periods. In general, the results reveal insignificant differences between the shareholders' returns and operating performances of acquirer firms involved in cross-border and domestic M & As over the short- and long-term periods. On the other hand, the results for acquirer and target combined firms show that cross-border M & As have lower operating performances than domestic M & As. Recommendations are provided in order to help the decision and policy makers in the companies to decide whether cross-border M & As should be actively encouraged or discouraged in comparison with domestic M & As.
Book Synopsis Domestic Versus Cross-border Acquisitions by : Olivier Bertrand
Download or read book Domestic Versus Cross-border Acquisitions written by Olivier Bertrand and published by . This book was released on 2005 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Cross-Border Acquisitions and Shareholder Wealth - Evidence from Spain by : Martin Renze-Westendorf
Download or read book Cross-Border Acquisitions and Shareholder Wealth - Evidence from Spain written by Martin Renze-Westendorf and published by diplom.de. This book was released on 2006-08-04 with total page 106 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inhaltsangabe:Abstract: Over the last decade product and factor markets have continued to become more integrated, new markets have emerged and the globalization has become an important strategic issue for companies. As a result, international investment opportunities have in-creased while regulatory restrictions on capital markets have been eased and the market for corporate control has become more integrated. Consequently, the international acquisition activity has increased in both absolute and relative terms over the last decades leading to a significant rise of the proportion of international to domestic merger activity, particularly at the end of the 1990s. As more and more companies consider international diversification as a strategic option for their further growth, the question arises which valuation consequences accompany cross-border acquisitions. Furthermore, it is to be analyzed whether these consequences differ systematically from domestic acquisitions and what could be possible value drivers in these cases. Although mergers and acquisitions in general have received wide attention in academic research, studies concerning the wealth effects of cross-border acquisitions are limited. Moreover, existing empirical evidence primarily stems from the US and UK capital markets neglecting generally the European perspective. Spain, Europe s fifth largest economy, has seen a series of considerable cross-border acquisitions in the last decade culminating in the merger of Santander with Abbey National in 2004 for over USD 15bn, making it the tenth largest transaction worldwide in 2004.3 The Spanish M&A market boom of the 1990s was initially driven by a consolidation process in the financial services, utilities and telecoms sectors which mostly were formerly state-owned. As a consequence of the increasing market concentration Spanish companies expanded internationally, creating some of the biggest corporations world-wide and becoming South America s largest foreign investor. These recent developments and the high acquisition activity from Spain into other countries make it worthwhile to shed light on the valuation consequences and their possible explanations by an empirical analysis. Considering the aforementioned, it is the aim of this thesis to answer the question as to whether the foreign acquisition wave of the last decade in Spain really created value and therewith supports the strategic decisions of the management. The analysis should [...]
Book Synopsis Cross-Border Mergers and Acquisitions by : Moshfique Uddin
Download or read book Cross-Border Mergers and Acquisitions written by Moshfique Uddin and published by Routledge. This book was released on 2014-05-30 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: Cross-border mergers and acquisitions (CBM&As) activity has become an important vehicle for firms’ internationalization and corporate restructuring over the past three decades. Despite the huge volume of global CBM&A activity, however, there are few books which carefully explore the strategies, motives, and consequences of global mergers and acquisitions. This book discusses and synthesizes the theoretical literature on the motivation and performance of international merger activities. Focusing on the UK as a top acquiring country in the European Union, the authors explore the recent trends in cross-border mergers and acquisitions, motives for cross-border mergers and acquisitions, the mergers integration process, home and host countries’ macroeconomic consequences on mergers and acquisitions, and shareholder’s wealth effects on CBM&A. This book explores and sheds much-needed light on the UK CBM&A market, what drives it, and what lessons can be learned for other regions around the globe.
Book Synopsis Cross-Border Mergers and Acquisitions by : Scott C. Whitaker
Download or read book Cross-Border Mergers and Acquisitions written by Scott C. Whitaker and published by John Wiley & Sons. This book was released on 2016-04-18 with total page 469 pages. Available in PDF, EPUB and Kindle. Book excerpt: Navigate cross border M&A for a flawless integration execution Cross Border Mergers and Acquisitions is a practical toolbox for corporate strategy and development professionals dealing with the many challenges involved in cross border M&A. With a detailed discussion of key market specifics and broadly-applicable critical insight, this book demystifies the cross border M&A process and provides a host of practical tools that ease strategic implementation. A geographical overview explains the trends in major M&A markets including Australia, Brazil, China, Russia, the U.K., and the U.S., and industry-specific guidance covers Financial Services, Aerospace and Defense, Health Care, Tech, Manufacturing, and more. Leading experts relate lessons learned while managing actual PMI (post merger integration) processes, and the discussion of cultural impacts and specific situational needs provides deep insight into the type of leadership a flawless integration requires. Corporate restructuring and internationalization efforts are increasingly relying on cross border mergers and acquisitions. Strategies, motives, and consequences are a complex navigational minefield, but this insightful guide provides solid, actionable guidance for leading a successful integration. Understand the region-specific details that make an impact Overcome common challenges and manage complex deals Gain practical insight and valuable tools for leading integration Learn the most current best practices for PMI® processes Cross border M&A is complex, with myriad challenges and obstacles inherent to the situation. Successful integration and a smooth transition are critical, and there's little wiggle room—it's a situation where you have only one chance to get it right. Cross Border Mergers and Acquisitions is an essential guide to the process, with key tools for execution.
Book Synopsis Determinants of Cross-Border M&As in Developing Countries by : Maximilian Thomas
Download or read book Determinants of Cross-Border M&As in Developing Countries written by Maximilian Thomas and published by diplom.de. This book was released on 2020-07-31 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt: During the last three decades, the importance of cross-border mergers and acquisitions (M&As) as a favourite top-level managerial strategy of multinational enterprises (MNEs) and national champions has increased significantly. The global value of cross-border M&As has grown from around USD 100 billion in 1990 to USD 815 billion in 2018, peaking in 2007 with over USD 1 trillion just before the outbreak of the global financial crisis. This development is not surprising, since the ongoing globalization and the changing global market landscape lead to more complex challenges for companies. In order to face the increasing intensity of competition that accompanies the global integration of markets, cross-border M&As constitute an appropriate way of maintaining competitiveness and creating added value. The acquisition of pre-existing foreign assets enables MNEs not only to exploit synergies and growth opportunities but also to overcome latecomer disadvantages. In addition, M&As offer a time advantage over organic growth strategies such as greenfield investments, which is particularly important considering the dynamic market conditions and the shortening product life cycles. This thesis examines the research question of which country-specific factors determine the volume of inbound cross-border M&As in developing economies. In general, the choice of a cross-border acquisition as an entry mode into a foreign market is influenced by three types of factors: (1) firm-specific factors such as prior acquisition experience, product diversity and core competences; (2) industry-specific factors such as technological, sales and marketing intensity; and (3) country-specific factors such as market size and institutional quality. While firm- and industry-specific factors also play a role in domestic M&As, country-specific factors are a peculiarity in cross-border M&As. According to the research question, the aim of this thesis is to identify country-specific factors that represent determinants. On the one hand, findings on country-specific determinants might be helpful to explain why some countries (e.g. China) receive more cross-border M&As than others (e.g. India). On the other hand, the results reveal which interests transnational companies pursue and how they change. Drawing on this evidence, policy makers and companies may be able to influence the determining factors in order to stimulate or impede inbound investments in form of M&As.
Book Synopsis Structuring the Deal: the Legal Perspective for Cross-border and Domestic Acquisitions by : Jeffrey Leow
Download or read book Structuring the Deal: the Legal Perspective for Cross-border and Domestic Acquisitions written by Jeffrey Leow and published by . This book was released on 1993 with total page 10 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis European Cross-Border Mergers and Reorganisations by : Jérôme Vermeylen
Download or read book European Cross-Border Mergers and Reorganisations written by Jérôme Vermeylen and published by OUP Oxford. This book was released on 2012-03-29 with total page 1587 pages. Available in PDF, EPUB and Kindle. Book excerpt: The most comprehensive guide to all techniques available to European companies, European Cross-Border Mergers and Reorganisations is the ideal reference tool for lawyers, auditors, notaries and scholars working in the field. Providing everything a practitioner needs to co-ordinate a successful cross-border merger, the book analyses the EU Directives and how they have been applied in each of the main EU/EEA member states. The diverging rules for each jurisdiction are highlighted and explained enabling quick comparisons to be made between countries for assessing feasibility of the chosen technique. As well as the requirements, formalities and potential pitfalls of cross-border mergers, each country analysis addresses the relevant aspects of corporate, employment and tax law such as informing shareholders and employees, verification of the legality of the merger, and language requirements. The book also considers other cross-border reorganisation techniques, such as demergers, partial demergers, the transfer of branches of activity, the creation of a Societas Europaea, or a Societas Cooperativa Europea, and the cross-boarder transfer of a company's head office or registered office, providing a practical guide to the best possible solution for a practitioner's client. European Cross-Border Reorganisations: Law and Practice is an easy-to-use reference work for legal, tax and audit professionals involved in mergers.
Book Synopsis Are Cross-Border Acquisitions Enemy of Labor? An Examination of Employment and Productivity Effects by : Erin Oldford
Download or read book Are Cross-Border Acquisitions Enemy of Labor? An Examination of Employment and Productivity Effects written by Erin Oldford and published by . This book was released on 2017 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the employment, efficiency and productivity effects of cross-border acquisitions using a large sample of firms. After accounting for industry-wide influences, we observe that targets of cross-border acquisitions were less productive than those of domestic acquisitions before the takeover, but after the acquisition, their productivity levels improve significantly and they increase wages (more than domestic targets), albeit they reduce employment levels. In addition, crossborder targets become more efficient than their counterparts acquired by domestic bidders. Interestingly, while in general acquisitions in the resource sector and related acquisitions do not generate any labor efficiency gains, if the acquisitions are undertaken by foreign bidders then the targets realize significant efficiency improvements. At the macro-level over the long run, cross border acquisitions are associated with improvements in aggregate labor conditions (i.e., higher wages, lower levels of unemployment, and higher labor productivity). At the same time, firms targeted in cross-border acquisitions have greater impact on GDP than those targeted in domestic acquisitions. This suggests that cross-border takeovers spur a reallocation of labor which generates positive outcomes for the host country. This significant contribution is often overlooked in the discourse on the benefits of cross-border acquisitions to the host country.
Book Synopsis Encyclopedia of Finance by : Cheng-Few Lee
Download or read book Encyclopedia of Finance written by Cheng-Few Lee and published by Springer Science & Business Media. This book was released on 2006-07-27 with total page 861 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a major new reference work covering all aspects of finance. Coverage includes finance (financial management, security analysis, portfolio management, financial markets and instruments, insurance, real estate, options and futures, international finance) and statistical applications in finance (applications in portfolio analysis, option pricing models and financial research). The project is designed to attract both an academic and professional market. It also has an international approach to ensure its maximum appeal. The Editors' wish is that the readers will find the encyclopedia to be an invaluable resource.
Book Synopsis Takeover Laws and Financial Development by : Tatiana Nenova
Download or read book Takeover Laws and Financial Development written by Tatiana Nenova and published by World Bank Publications. This book was released on 2006 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: The issue of "an appropriate" legal framework, especially in the case of the takeover market, has been poorly studied in the case of emerging markets, yet it is of immediate relevance and practical policymaker interest. The study makes a first attempt to analyze takeover regulations in a comparative context across 50 countries. It proposes a methodology to create a detailed index on the most salient features of capital market laws, and illustrates the approach on the case of takeover legislation. The methodology allows better understanding of the impact of laws on markets and development, allows a detailed quantification of a given regulation, in this case takeover market rules, and helps determine relevant policy implications. Specifically, the framework permits the exploration of the effects of individual regulations, their substitutability and interplay, as well as the overall extent of friendliness of the laws to investors, or particular groups thereof (such as minority shareholders), and the links of specialized regulation with the overall legal system. Finally, the study explores the effect of the investor-friendliness of takeover laws on stock market development.
Book Synopsis The Effects of Cross-border M&As on the Acquirers' Domestic Performance by : Joel Stiebale
Download or read book The Effects of Cross-border M&As on the Acquirers' Domestic Performance written by Joel Stiebale and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Cross-border Mergers and Acquisitions by : O. Morresi
Download or read book Cross-border Mergers and Acquisitions written by O. Morresi and published by Palgrave Macmillan. This book was released on 2015-12-18 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: Cross-Border Mergers and Acquisitions is the first book to offer a complete guide to understanding the main concepts, theories, and results driving cross-border MAs.
Book Synopsis US Banking Deregulation, Small Businesses and Interstate Insurance of Personal Income by : Yuliya Demyanyk
Download or read book US Banking Deregulation, Small Businesses and Interstate Insurance of Personal Income written by Yuliya Demyanyk and published by . This book was released on 2006 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
