Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/210908 
Erscheinungsjahr: 
2019
Schriftenreihe/Nr.: 
IFN Working Paper No. 1267
Verlag: 
Research Institute of Industrial Economics (IFN), Stockholm
Zusammenfassung: 
Entry by multinational enterprises (MNEs) into emerging markets has increased substantially over the last decades. Many of these MNE entries have taken place in concentrated markets. To capture these features, we construct a strategic interaction model of MNE cross-border acquisition and greenfield entry into an oligopolistic market. We provide an event study framework suitable to derive predictions for the stock market values of MNE entries. We show that share values of acquirers will increase when an acquisition is announced if and only if the domestic assets are not too strategically important. If there is risk associated with cross-border M&As, we show that such risks reduce the likelihood and the acquisition price of cross-border M&As. These mechanisms provide an explanation for why acquirers tend to overperform when acquiring in emerging markets but underperform when acquiring in developed markets. We also show that shareholders of targets firms in emerging markets may benefit from not selling their firms too early in the development phase.
Schlagwörter: 
FDI
Cross-Border Mergers and Acquisitions
Stock Market Value
Emerging Markets
JEL: 
F23
G34
L13
Dokumentart: 
Working Paper

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