Please use this identifier to cite or link to this item: http://hdl.handle.net/20.500.12216/245
Title: Post-merger returns in frontier markets, or how we learned to stop worrying and love the acquirers
Authors: Adam Zaremba 
Szyszka, A. 
Płotnicki, M. 
Grobelny, P. 
Issue Date: May-2018
Publisher: Vilnius Gediminas Technical University
Journal: Journal of Business Economics and Management 
Abstract: This study presents the results from a comprehensive out-of-sample test of long-run returns following mergers and acquisitions (M&As). Using a unique sample from 23 frontier markets of almost 800 transactions conducted during the years 1992 to 2016, we implement both cross-sectional tests and time-series examinations based on a calendar-time portfolio approach. Contrary to evidence from developed markets, the M&As in these frontier markets do not lead to abnormal underperformance of acquirers, regardless of whether they paid for the acquisition with cash or stock. The results are robust to many considerations, including subsample and subperiod analysis, alternative formation periods, different portfolio construction approaches. © 2018 The Author(s).
URI: http://hdl.handle.net/20.500.12216/245
DOI: 10.3846/16111699.2017.1399162
Appears in Collections:Articles

Show full item record

SCOPUSTM   
Citations

3
Last Week
0
Last month
1
checked on Sep 5, 2020

Page view(s)

1
Last Week
0
Last month
0
checked on Oct 22, 2020

Google ScholarTM

Check

Altmetric

Altmetric


Items in Corepaedia are protected by copyright, with all rights reserved, unless otherwise indicated.