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http://ssrn.com/abstract=1683895
 
 

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Cross-Border Acquisitions in a Transition Economy: Recent Experiences of China and India


Mamoru Nagano


Seikei University

Yuan Yuan


affiliation not provided to SSRN

2007


Abstract:     
This paper examines the causes and consequences of cross-border acquisitions in a transition economy using the 1998-2006 deal data for targeted Chinese and Indian firms and foreign acquirers. Our empirical analysis resulted in three important findings. First, firms with high cash reserve ratio are likely to be targeted in the recent cross-border acquisition trends in China and India; remarkably so when the cash-rich target has a high growth opportunity. Second, cross-border acquisitions bring higher shareholders’ values for foreign acquirers than for domestic acquirers. Third, these empirical results differ from existing literature where acquirer’s shareholder’s return is low in general.

Number of Pages in PDF File: 27

Keywords: Mergers and acquisition, Post merger performance

JEL Classification: O21, O25, G34

working papers series





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Date posted: September 28, 2010  

Suggested Citation

Nagano, Mamoru and Yuan, Yuan, Cross-Border Acquisitions in a Transition Economy: Recent Experiences of China and India (2007). Available at SSRN: http://ssrn.com/abstract=1683895 or http://dx.doi.org/10.2139/ssrn.1683895

Contact Information

Mamoru Nagano (Contact Author)
Seikei University ( email )
3-3-1, Kichijoji-Kitamachi, Musasino-shi
Tokyo 180-8633
Japan
+81-422-37-3924 (Phone)
+81-422-37-3874 (Fax)
Yuan Yuan
affiliation not provided to SSRN
Feedback to SSRN


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References:  35

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