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Do cross-border mergers and acquisitions increase short-term market performance? The case of Chinese firms

Listed author(s):
  • Tao, Fang
  • Liu, Xiaohui
  • Gao, Lan
  • Xia, Enjun
Registered author(s):

    Despite the new momentum in cross-border mergers and acquisitions (M&As) by emerging market firms, we have a limited understanding of the impact of these activities. Drawing on signalling theory and the institution-based view, this paper examines the extent of stock market reactions to the announcement of cross-border M&A deals, based on an event study of a sample of Chinese firms during the period 2000–2012. The findings indicate that the announcement of cross-border M&As results in a positive stock market reaction; this effect is more significant in the mainland Chinese stock markets (Shanghai and Shenzhen) than that in the Hong Kong market. The shareholders of Chinese firms that acquire a target firm in a host country with a low level of political risk gain higher cumulative abnormal returns than those firms targeting companies in countries with a high level of political risk. The shareholders of Chinese state-owned enterprises experience lower abnormal returns compared with those of Chinese privately owned firms when engaging in cross-border M&A deals.

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    Article provided by Elsevier in its journal International Business Review.

    Volume (Year): 26 (2017)
    Issue (Month): 1 ()
    Pages: 189-202

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    Handle: RePEc:eee:iburev:v:26:y:2017:i:1:p:189-202
    DOI: 10.1016/j.ibusrev.2016.06.006
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