ASSESSING ABNORMAL RETURNS THE CASE OF CHINESE MA ACQUIRING FIRMS revision- LS AV 29042017.pdf (382.64 kB)
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Assessing abnormal returns: the case of Chinese M&A acquiring firms

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journal contribution
posted on 11.08.2017 by Xiaojing Song, Mark J. Tippett, Andrew Vivian
This paper analyzes the economic benefits that accrue to Chinese acquiring firms. Our sample is based on 279 Chinese acquiring firms from 1990 until 2008 and leads to three main findings: i) Chinese acquirers have positive abnormal returns in contrast to western acquirers which tend to earn negative abnormal returns; ii) Chinese takeovers involving alternative modes of consideration have higher abnormal returns than cash deals, again in contrast to western acquirers where cash deals earn higher returns, and iii) The difference in the abnormal returns between alternative and cash deals for Chinese acquirers is driven by highly valued firms.

History

School

  • Business and Economics

Department

  • Business

Published in

Research in International Business and Finance

Volume

42

Pages

191 - 207

Citation

SONG, X., TIPPETT, M.J. and VIVIAN, A.J., 2017. Assessing abnormal returns: the case of Chinese M&A acquiring firms. Research in International Business and Finance, 42, pp. 191-207.

Publisher

© Elsevier

Version

AM (Accepted Manuscript)

Publisher statement

This work is made available according to the conditions of the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International (CC BY-NC-ND 4.0) licence. Full details of this licence are available at: https://creativecommons.org/licenses/by-nc-nd/4.0/

Acceptance date

03/05/2017

Publication date

2017-05-13

Notes

This paper was published in the journal Research in International Business and Finance and the definitive published version is available at https://doi.org/10.1016/j.ribaf.2017.05.009.

ISSN

0275-5319

Language

en

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