ASSESSING ABNORMAL RETURNS THE CASE OF CHINESE MA ACQUIRING FIRMS revision- LS AV 29042017.pdf (382.64 kB)
Assessing abnormal returns: the case of Chinese M&A acquiring firms
journal contribution
posted on 2017-08-11, 13:39 authored by Xiaojing Song, Mark J. Tippett, Andrew VivianAndrew VivianThis 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 FinanceVolume
42Pages
191 - 207Citation
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
© ElsevierVersion
- 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
2017-05-03Publication date
2017-05-13Notes
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
0275-5319Publisher version
Language
- en