The Value of Control in Emerging Markets

• 成果类型: Article
• 署名作者: Chari, Anusha; Ouimet, Paige P.; Tesar, Linda L.
• 署名单位: University of North Carolina; University of North Carolina Chapel Hill; National Bureau of Economic Research; University of Michigan System; University of Michigan
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhp090
• 发表日期: 2010
• 页码: 1741
• 关键词: investment; benefits; returns; mergers; FIRMS; US

摘要

When a developed-country multinational firm acquires majority control of a firm in an emerging market, there is an economically large and statistically significant increase in the acquiring firm's stock price. In 1986-2006, developed-market acquirers experienced positive and significant abnormal returns of 1.16%, on average, over a three-day event window. Positive acquirer returns and dollar value gains appear unique to emerging-market mergers and acquisitions and are not replicated when the same developed-market acquirers take over firms in developed markets. The size of the stock price increase is more pronounced (a) the weaker the contracting environment in the emerging market and (b) for industries with high asset intangibility. (JEL G15, G34)