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

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• 作者：Fang Tao^a ; Xiaohui Liu^a ; ^{X.liu2@lboro.ac.uk} ; Lan Gao^a ; Enjun Xia^b ; ^{enjunxia@bit.edu.cn}
• 关键词：Chinese firms ; Cross-border mergers and acquisitions ; Stock market reactions ; Political risk ; Ownership
• 刊名：International Business Review
• 出版年：2017
• 出版时间：February 2017
• 年：2017
• 卷：26
• 期：1
• 页码：189-202
• 全文大小：638 K
• 卷排序：26

文摘

We examine the extent of stock market reactions to the announcement of cross-border M&A deals. Our findings show that the announcement of cross-border M&As results in a positive stock market reaction. The results also indicate that the level of political risk and SOE ownership are negatively associated with the short-term market performance of Chinese acquiring firms. Our study helps to provide new insights into the relationship between the short-term market performance and the institutional characteristics associated with cross-border M&As by Chinese firms.