Domestic mergers and acquisitions in BRICS countries: Acquirers and targets

被引：23

作者：

Kinateder, Harald ^{[1
]}

Fabich, Matthias ^{[1
]}

Wagner, Niklas ^{[1
]}

机构：

[1] Univ Passau, Dept Econ & Business, D-94030 Passau, Germany

来源：

EMERGING MARKETS REVIEW | 2017年 / 32卷

关键词：

Announcement returns; BRICS countries; Emerging markets; Event study; Mergers and acquisitions; CROSS-BORDER ACQUISITIONS; PERFORMANCE; RETURNS; MARKET; DETERMINANTS; OWNERSHIP; CHINESE; EVENT;

D O I：

10.1016/j.ememar.2017.06.005

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We study the firm value determinants for domestic acquisitions within BRICS countries considering both acquirer and target shareholders. Targets earn significant positive announcement returns of 1.45% on average. Acquirers lose slightly. We employ a comprehensive set of explanatory variables and test for cross-sectional return drivers. Target returns are negatively related to pre-announcement returns and firm size, while they are positively related to GDP growth. Our results are consistent with insider trading capturing some of the target excess returns, which are highest for small targets based in countries with high recent GPD growth. (C) 2017 Elsevier B.V. All rights reserved.

引用

页码：190 / 199

页数：10

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