50+ Years of Diversification Announcements

Akbulut, Mehmet; Matsusaka, John G.

doi:10.2139/ssrn.1081645

Cited by 23 publications

(22 citation statements)

References 71 publications

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“…In other words, if the target and the acquirer belong to the same industry, operational and financial synergies are more likely to be achieved in the cross-border M&As. Many studies have confirmed that a higher abnormal return is reported for related acquisitions than non-related ones (Akbulut & Matsusaka, 2010;Denis, Denis, & Yost, 2002;Moeller & Schlingemann, 2005;Slangen, 2006).…”

Section: Industry Relatednessmentioning

confidence: 85%

The motives and performance of cross-border acquirers from emerging economies: Comparison between Chinese and Indian firms

Nicholson

Salaber

2013

International Business Review

168

155

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During the recent decade, the world has witnessed the rapid growth of MNEs from emerging economies. Their increasing participation in cross-border mergers and acquisitions has raised great attention in the extant literature. This study evaluates the value creation from these cross-border transactions from two representative emerging countries, namely China and India, and determines factors that result in the different performance of these international acquisition activities. Crossborder acquisitions conducted by these countries' companies indeed lead to significant shareholder wealth creation. Furthermore, Indian shareholders are more likely to benefit from deals in small cultural distance countries, while Chinese investors gain from the cross-border expansion of manufacturing companies. Location also affects the performance of cross-border acquisitions, with acquisitions into developed countries generating higher returns to shareholders. Our sample consists of 203 Indian and 63 Chinese cross-border deals over the period 2000-2010 and our results hold after controlling for various deal-level and firm-level characteristics.

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Section: Industry Relatednessmentioning

confidence: 85%

The motives and performance of cross-border acquirers from emerging economies: Comparison between Chinese and Indian firms

Nicholson

Salaber

2013

International Business Review

168

155

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“…For example, major Asian, African and Latin American countries have emphasized in education, health, foreign investment, capital markets, consumption, regulation, and institutional and entrepreneurship development (Akbulut and Matsusaka, 2010;Cheng et al, 2007). On the other hand, a number of economic researchers have noticed a substantial growth in the market for inward direct investment curving from developed markets to emerging markets due to easing of foreign direct investment policies.…”

Section: Introductionmentioning

confidence: 99%

Institutional Laws, and Mergers and Acquisitions in India: A Review/Recommendation

Reddy

2015

SSRN Journal

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The paper intends to review, summarize and discuss various institutional laws refer to mergers and acquisitions (M&A) in India, and thereby recommend fruitful policy guidelines for institutions and managers participating in foreign investment and acquisition deals.Further, we also show the market for value of foreign inbound and outbound deals representing India for the period 2004 through 2013. The major observations include, higher valuation inbound-deals had delayed or failed due to weak financial infrastructure, erratic nature of government officials and political intervention, and the newly elected government has aimed to attract higher inflow of investment from other developed and emerging markets by easing investment rules and offering tax holidays. The study eventually would help policy makers, M&A advisors, legal consultants and investment bankers in assorted issues, and private equity firms and multinational firms intending to invest in Indian business.

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“…This prevalence of related mergers continued in the 90s and its features are characterized as the occurrence of mergers in waves, and strongly clustered by industry (Mitchell and Mulherin, 1996). The trend of mergers is in line with the strictness of antitrust enactment Akbulut and Matsusaka, 2010) and also with the advantages of using internal capital markets (Akbulut and Matsusaka 2010). The increase of related mergers during the 80s and 90s is attributable to relaxed antitrust policy and well-developed external capital markets.…”

Section: Trend Of Mergermentioning

confidence: 89%

“…Andrade, and Akbulut and Matsusaka (2010) characterize the trend of mergers in each decade. mergers gained steam in the 60s, reached its peak at the end of the decade and then went down.…”

Section: Trend Of Mergermentioning

confidence: 99%

“…Numerous recent studies show that bidders have slightly negative, but insignificant merger announcement returns (Fuller, Netter, and Stegemoller, 2002;) and this feature is explained by firm-specific characteristics 1 (Fuller, Netter, and Stegemoller, 2002), the choice of data base (Villalonga, 2004;Nanada, 2003;Lang and Stulz, 1994), and economic or managerial environments (Akbulut and Matsusaka, 2010;Mitchell and Mulherin, 1996).…”

Section: Introductionmentioning

confidence: 99%

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Merger Announcement Returns with Preparations

Lee¹

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50+ Years of Diversification Announcements

Cited by 23 publications

References 71 publications

The motives and performance of cross-border acquirers from emerging economies: Comparison between Chinese and Indian firms

The motives and performance of cross-border acquirers from emerging economies: Comparison between Chinese and Indian firms

Institutional Laws, and Mergers and Acquisitions in India: A Review/Recommendation

Merger Announcement Returns with Preparations

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