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Журнал "Корпоративные финансы"
Strategic Deals in Emerging Capital Markets. Are There Efficiency Gains for Firms in BRIC Countries?
Switzerland: Springer, 2020.
The industrial development of emerging markets has been a powerful driver for mergers and acquisitions. The contributions collected in this book assess major M&A deals in the largest emerging capital markets (Brazil, Russia, India, China) and their role in shareholder value creation in the markets’ specific business environments. In addition, the book explores various dimensions of M&A deals in order to summarize the main trends in corporate control markets in the largest emerging countries, and how they differ from those in developed countries; to identify deal-performance relationships and the determinants of success or failure; to reveal the drivers for the premium in M&A deals; and to capture market responses to different M&A strategies. By doing so, the...
Added: Oct 31, 2019
Handbook of Ratings: Approaches to Ratings in the Economy, Sports, and Society
Karminsky A. M., Polozov A. A. Switzerland: Springer, 2016.
Added: Sep 9, 2016
Corporate Diversification-Performance Puzzle in BRIC
Grigorieva S. In bk.: Strategic Deals in Emerging Capital Markets. Are There Efficiency Gains for Firms in BRIC Countries?. Switzerland: Springer, 2020. Ch. 9. P. 223-239.
Researchers have long tried to define the impact of corporate diversification on firm value. Academic papers mainly concentrate on the effects of corporate diversification in mature markets while its consequences in emerging capital markets are less explored. This article presents the results of an empirical analysis of corporate diversification strategies of a sample of companies from BRIC countries that expanded via acquisitions during 2000–2013. We contribute to the existing literature by examining the effects of corporate diversification on firm value during the pre- and post-crisis periods. In line with other studies, we distinguish between related and unrelated diversification and in contrast to them we single out and separately analyze horizontal, conglomerate and vertical...
Corporate international diversification and performance – an economic profit viewpoint: evidence from BRIC companies
Ivashkovskaya I., Scherbakov D., Yakovenko P. In bk.: Strategic Deals in Emerging Capital Markets. Are There Efficiency Gains for Firms in BRIC Countries?. Switzerland: Springer, 2020. Ch. 10.
In recent years corporate international diversification has become a widely used growth strategy for companies from both developed and emerging markets. Nevertheless, academic papers provide contradictory results on whether the influence of international diversification on firm performance is positive or negative. This chapter presents the results of an empirical analysis of corporate international diversification – performance relationship on a sample of companies from BRIC countries, which expanded geographically in 2005-2015. We contribute to the existing literature by applying a new methodology to identify the performance effects of corporate international diversification based on an economic profit measure. The results indicate that there is a non-linear...
Added: Nov 6, 2019
How M&A Deals Influence Corporate Performance in Developed and Emerging Capital Markets: A Review of Empirical Results in the Literature
Grigorieva S. In bk.: Strategic Deals in Emerging Capital Markets. Are There Efficiency Gains for Firms in BRIC Countries?. Switzerland: Springer, 2020. Ch. 2. P. 33-61.
This chapter surveys the recent trends in the literature on the performance of M&A deals in developed and emerging capital markets. This literature is voluminous, diverse and challenging. We focus on the transactions within one country – domestic M&As – in particular focusing on the methods that the researchers use to estimate whether M&A deals promote efficiency gains or not. We discuss the research instruments which allow an assessment of the effects of M&As on firm operating performance and on firm value. Analysing the results of latest empirical studies we reveal that target shareholders gain significantly in M&A deals. The evidence suggests that in most cases acquiring shareholders receive negative or insignificant returns in the short-run in developed capital...
Post-acquisition Value Effects of M&A Deals: A Comparative Analysis in Developed and Emerging Capital Markets
Grigorieva S., Kuzmina Svetlana. In bk.: Strategic Deals in Emerging Capital Markets. Are There Efficiency Gains for Firms in BRIC Countries?. Switzerland: Springer, 2020. Ch. 5. P. 113-135.
This chapter contributes to the literature on M&A performance by examining the impact of M&A deals on company value over the long-run in developed and emerging economies. Examining a sample of 153 and 125 deals from Western European and emerging capital markets respectively, 2002-2013, and employing economic profit as a performance measure,we find that transactions in developed markets create more value for shareholders than M&As in emerging economies over the two-year period surrounding the deals. After adjustments for industry trends, economic profit significantly decreases for firms in emerging capital markets, taking negative values, while for companies in developed markets we observe insignificant improvements in economic profit...
What Drives the Control Premium? Evidence from BRIC Countries
Ivashkovskaya I., Chvyrova E. In bk.: Strategic Deals in Emerging Capital Markets. Are There Efficiency Gains for Firms in BRIC Countries?. Switzerland: Springer, 2020. Ch. 6.
The literature on M&As provides ample evidence for the variability of premiums paid in M&As deals over time and in different types of deals. Most work has been done on the data from developed markets. Using a sample of M&A deals in the largest emerging markets (BRIC) for 2000–2015, we examine three types of factors (acquirer characteristics, target characteristics, deal characteristics). To measure the premium, the event studies method is used, therefore the data on cumulative average abnormal returns (CAAR) is adjusted to the market movements in each respective country. We focus on three levels of acquired stakes (>25%, >50% and 100%). The study contributes to a deeper understanding the differences in the size of premiums among the countries and the...