This paper posits that the geographic scope of an acquired firm, which is defined as the multinational scope of its pre-acquisition activities, influences post-acquisition capability improvement at the acquirer. The strategy and evolutionary literatures have long argued that acquisitions provide a means for firms to acquire capabilities that face market...
Using a database that covers transactions that involve a developed-market acquirer and an emerging-market target from 1988-2002, this paper studies the stock market's reaction to M&A announcements in emerging markets. The evidence suggests that the stock market anticipates significant value creation from cross border transactions that involve an emerging market...
From the executive summary: 'The paper illuminates a theory of cross-border Mergers and Acquisitions (M&As). Firms can choose between different modes of foreign market access: exporting, Greenfield Foreign Direct Investment FDI, and cross border M&A. The theory is based on three key ideas. First, there is heterogeneity in firms' capabilities....
NEW YORK--BUSINESS WIRE--July 30, 1996--Lofty stock prices and increased global competition fueled a 92 percent jump in cross-border acquisitions, joint ventures and minority investments by semiconductor and software companies in the first half of 1996, according to KPMG Peat Marwick LLP. Nearly $3.1 billion in deals were announced in...
NEW YORK--BUSINESS WIRE--July 30, 1996--Lofty stock prices and increased global competition fueled a 92 percent jump in cross-border acquisitions, joint ventures and minority investments by semiconductor and software companies in the first half of 1996, according to KPMG Peat Marwick LLP. Nearly $3.1 billion in deals were announced in...
This paper analyzes the variations in modes of foreign market access for different levels of trade costs and firm specific assets. It first develops a simple model of this decision process to derive testable hypotheses and then study these hypotheses using firm level data on Swedish multinational corporations. The paper...
M&A play a major role in the materialization of globalization, but it is just one of several challenges that globalization poses to international tax policy, all of which share two basic tensions that may have been present in the past, but have been significantly exacerbated in importance by globalization: the...
The question this article tries to address is what macroeconomic and financial variables play key roles in the foreign direct investment decision FDI of firms? This question is addressed in this article using a large panel data set of cross-border Merger & Acquisition (M&A) deals for the period 1990-1999. Various...
When firms from developed markets acquire firms in emerging markets, market-capitalization weighted monthly joint returns show a statistically significant increase of 1.8%. Panel data estimations suggest that the value gains from cross-border M&A transactions stem from the transfer of majority control from emerging-market targets to developed market acquirers. Announcement returns...
This paper examines cross-border M&A and foreign IPOs as exit routes for venture capitalists. Although an M&A or IPO may be driven by the venture capitalist's interest to exit from an investment, the selection and functioning of exit market has consequences also on the venture. Increased exit opportunities increase the...
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