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Please use this identifier to cite or link to this item: https://dspace.lboro.ac.uk/2134/26037

Title: Assessing abnormal returns: the case of Chinese M&A acquiring firms
Authors: Song, Xiaojing
Tippett, Mark J.
Vivian, Andrew J.
Keywords: Acquisition
China
Consideration
Merger
Event window
Non-parametric
Issue Date: 2017
Publisher: © Elsevier
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.
Abstract: 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.
Description: This paper is closed access until 13th November 2018.
Version: Accepted for publication
DOI: 10.1016/j.ribaf.2017.05.009
URI: https://dspace.lboro.ac.uk/2134/26037
Publisher Link: http://dx.doi.org/10.1016/j.ribaf.2017.05.009
ISSN: 0275-5319
Appears in Collections:Closed Access (Business School)

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