کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5069637 1476987 2016 8 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Global Merger and Acquisition (M&A) activity: 1992-2011
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Global Merger and Acquisition (M&A) activity: 1992-2011
چکیده انگلیسی


- We study a global sample M&A deals across 47 countries in the period from 1992 to 2011.
- M&A activity generates value for bidder and target shareholders.
- Targets enjoy higher CARs in deals where they sell control rights to bidders.
- Bidder and target CARs in developed countries are higher than in emerging countries.

In our global sample of 263,461 deals in 47 countries, 3-day target cumulative abnormal returns (CARs) average 6.9% and bidder CARs average 1.4%. When we impose the common filters used in the literature which restrict the sample to completed acquisitions of public firms, target CARs increase from 6.9% to 13%. Our findings indicate that M&A activity (particularly in deals where control rights are sold) generates value. We also find that the magnitudes of bidder and target CARs in developed countries are higher than those in emerging-market countries.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Finance Research Letters - Volume 17, May 2016, Pages 110-117
نویسندگان
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