Value creation for emerging acquirers in other emerging economies : a comparison with developed market firms
Autor(a) principal: | |
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Data de Publicação: | 2012 |
Tipo de documento: | Dissertação |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10400.14/11585 |
Resumo: | Over the past few years, emerging markets have been reinforcing their presence in the worldwide M&A activity. In fact, emerging acquirers are now targeting companies in order to tap into their fast economic growth and increasingly wealthy populations. As a consequence, we have to ask: Do cross-border acquisitions in emerging markets create positive and significant returns to their emerging acquirers? Are these higher than those of developed countries? We perform an event study on 657 deals involving emerging acquirers between 2002 and 2011 and compare with 1936 deals performed by developed country firms both in emerging markets. We find that emerging acquirers earn significantly higher returns than developed markets especially in the case of acquisition of control. Lastly, emerging companies of smaller size, who finance their transactions with cash and acquire control of the target, are more likely to incur higher value creation. |
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Value creation for emerging acquirers in other emerging economies : a comparison with developed market firmsCross-border acquisitionsEmerging marketsEvent studyValue creation and M&AAquisições transfronteiriçasMercados emergentesEstudos de eventosCriação de valorFusões e aquisiçõesDomínio/Área Científica::Ciências Sociais::Economia e GestãoOver the past few years, emerging markets have been reinforcing their presence in the worldwide M&A activity. In fact, emerging acquirers are now targeting companies in order to tap into their fast economic growth and increasingly wealthy populations. As a consequence, we have to ask: Do cross-border acquisitions in emerging markets create positive and significant returns to their emerging acquirers? Are these higher than those of developed countries? We perform an event study on 657 deals involving emerging acquirers between 2002 and 2011 and compare with 1936 deals performed by developed country firms both in emerging markets. We find that emerging acquirers earn significantly higher returns than developed markets especially in the case of acquisition of control. Lastly, emerging companies of smaller size, who finance their transactions with cash and acquire control of the target, are more likely to incur higher value creation.Bunkanwanicha, PramuanVeritati - Repositório Institucional da Universidade Católica PortuguesaLobato, Maria Teresa Fernandes Guimarães2013-06-21T14:51:02Z2012-06-052012-06-05T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10400.14/11585enginfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-12-19T01:35:48Zoai:repositorio.ucp.pt:10400.14/11585Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T18:09:31.134862Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
Value creation for emerging acquirers in other emerging economies : a comparison with developed market firms |
title |
Value creation for emerging acquirers in other emerging economies : a comparison with developed market firms |
spellingShingle |
Value creation for emerging acquirers in other emerging economies : a comparison with developed market firms Lobato, Maria Teresa Fernandes Guimarães Cross-border acquisitions Emerging markets Event study Value creation and M&A Aquisições transfronteiriças Mercados emergentes Estudos de eventos Criação de valor Fusões e aquisições Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
title_short |
Value creation for emerging acquirers in other emerging economies : a comparison with developed market firms |
title_full |
Value creation for emerging acquirers in other emerging economies : a comparison with developed market firms |
title_fullStr |
Value creation for emerging acquirers in other emerging economies : a comparison with developed market firms |
title_full_unstemmed |
Value creation for emerging acquirers in other emerging economies : a comparison with developed market firms |
title_sort |
Value creation for emerging acquirers in other emerging economies : a comparison with developed market firms |
author |
Lobato, Maria Teresa Fernandes Guimarães |
author_facet |
Lobato, Maria Teresa Fernandes Guimarães |
author_role |
author |
dc.contributor.none.fl_str_mv |
Bunkanwanicha, Pramuan Veritati - Repositório Institucional da Universidade Católica Portuguesa |
dc.contributor.author.fl_str_mv |
Lobato, Maria Teresa Fernandes Guimarães |
dc.subject.por.fl_str_mv |
Cross-border acquisitions Emerging markets Event study Value creation and M&A Aquisições transfronteiriças Mercados emergentes Estudos de eventos Criação de valor Fusões e aquisições Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
topic |
Cross-border acquisitions Emerging markets Event study Value creation and M&A Aquisições transfronteiriças Mercados emergentes Estudos de eventos Criação de valor Fusões e aquisições Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
description |
Over the past few years, emerging markets have been reinforcing their presence in the worldwide M&A activity. In fact, emerging acquirers are now targeting companies in order to tap into their fast economic growth and increasingly wealthy populations. As a consequence, we have to ask: Do cross-border acquisitions in emerging markets create positive and significant returns to their emerging acquirers? Are these higher than those of developed countries? We perform an event study on 657 deals involving emerging acquirers between 2002 and 2011 and compare with 1936 deals performed by developed country firms both in emerging markets. We find that emerging acquirers earn significantly higher returns than developed markets especially in the case of acquisition of control. Lastly, emerging companies of smaller size, who finance their transactions with cash and acquire control of the target, are more likely to incur higher value creation. |
publishDate |
2012 |
dc.date.none.fl_str_mv |
2012-06-05 2012-06-05T00:00:00Z 2013-06-21T14:51:02Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
format |
masterThesis |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10400.14/11585 |
url |
http://hdl.handle.net/10400.14/11585 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.source.none.fl_str_mv |
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
instname_str |
Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
instacron_str |
RCAAP |
institution |
RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
collection |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
repository.name.fl_str_mv |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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1799131767114825728 |