Cross-border mergers and the cross-border effect: the case of the automotive supply industry

被引：0
作者：
Markus Mentz
Dirk Schiereck
机构：
[1] European Business School,
[2] Schloss Reichartshausen,undefined
[3] TU Darmstadt,undefined
[4] Institute of Business Administration,undefined
来源：
Review of Managerial Science | 2008年 / 2卷 / 3期
关键词：
Automotive supply industry; Cross-border acquisitions; Bidder gains; Global diversification; F21; F23; G14; G34; L62;
D O I：
10.1007/s11846-008-0022-1
中图分类号：
学科分类号：
摘要：
In this paper we examine stock price reactions to cross-border mergers and acquisitions in a particular industry, the automotive supply industry. We show that cross-border transactions entail a pronounced value creation for the acquiring shareholders and that this value creation also holds for transcontinental transactions, which to our knowledge have not been investigated so far. Splitting the sample by different types of targets indicates that the value creation mainly stems from takeovers of subsidiaries. By examining differences between national and international takeovers in cross-section, we sustain the recent evidence of a negative cross-border effect (i.e., cross-border mergers and acquisitions entail lower announcement returns than national ones).
引用
收藏
页码：199 / 218
页数：19
相关论文
共 106 条
  • [1] Andrade G(2001)New evidence and perspectives on mergers J Economic Perspect 15 103-120
  • [2] Mitchell M(1983)The gains to bidding firms from merger J Financ Econ 11 121-139
  • [3] Stafford E(2004)Explaining M&A success in European banks Eur Financ Manage 10 109-140
  • [4] Asquith P(1995)Diversification’s effect on firm value J Financ Econ 37 39-65
  • [5] Bruner R(1991)Event-study methodology under conditions of event-induced variance J Financ Econ 30 253-272
  • [6] Mullins D(1988)Synergistic gains from corporate acquisitions and their division between the stockholders of target an acquiring firms J Financ Econ 21 3-40
  • [7] Beitel P(1998)Takeovers of privately held targets, methods of payment, and bidder returns J Finance 53 773-784
  • [8] Schiereck D(1987)Two-tier and negotiated tender offers J Financ Econ 19 283-310
  • [9] Wahrenburg M(2004)Target company cross-border effects in acquisitions into the UK Eur Financ Manage 10 83-108
  • [10] Berger P(2002)Global diversification, industrial diversification, and firm value J Finance 58 1951-1979
12345678910