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

Autor:	Dirk Schiereck, M. Mentz
Rok vydání:	2008
Předmět:	Border effect Value creation Shareholder business.industry Subsidiary Mergers and acquisitions Automotive industry Sample (statistics) Business International economics International trade General Business Management and Accounting Stock price
Zdroj:	Review of Managerial Science. 2:199-218
ISSN:	1863-6691 1863-6683
DOI:	10.1007/s11846-008-0022-1
Popis:	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).
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::8de5e940b2373851e533cf3e30b4ecb2 https://doi.org/10.1007/s11846-008-0022-1 Zobrazit plný text záznamu Full text from SpringerLink