Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/201681 
Erscheinungsjahr: 
2017
Schriftenreihe/Nr.: 
Graduate Institute of International and Development Studies Working Paper No. HEIDWP21-2017
Verlag: 
Graduate Institute of International and Development Studies, Geneva
Zusammenfassung: 
How do financial frictions shape the set of acquirers, how much they acquire, and how long they keep ownership? To address these questions, we develop a tractable model of M&As whereby acquirers and targets emerge endogenously due to differences in liquidity. Financial crises lead to selection effects among acquirers that result in larger acquired stakes and more persistent ownership. We present evidence consistent with the predictions of the model in a dataset of domestic and cross-border M&As from emerging markets. Financially constrained domestic firms in crisis-hit countries acquire 11-15% more ownership. The survival rate of these acquisitions is 19-24% higher.
Schlagwörter: 
domestic mergers and acquisitions
cross-border mergers and acquisitions
financial crisis
financial constraints
capital reallocation
JEL: 
F21
G01
G34
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
2.32 MB





Publikationen in EconStor sind urheberrechtlich geschützt.