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The Effect of Cross-Border and Domestic Acquisitions on Shareholder Wealth: Evidence from Brics Acquirers
Journal of Corporate Finance Research. 2014. No. 4 (32). P. 34-45.
Grigorieva S., Morkovin R.
The topic devoted to cross-border M&A performance has received wide attention in academic
literature. Most existing studies examine wealth effects of international M&As in developed countries.
We contribute to existing research by examining the market reaction to the announcements of M&As
initiated by companies from BRICS countries over 2000–2012. We assess the long-term performance of
M&A deals along with the short-term one and provide a copmarative analysis of company wealth gains
in cross-border and domestic M&As. Based on the sample of 117 cross-border deals and 247 domestic
M&As we find that foreign acquisitions outperform the domestic ones in the long run. We also find that
main determinants of M&A performance are the acquirer’s FCFF, percentage change in the acquiring
country’s exchange rate against the target country currency during the acquisition year, and the level of
international diversification of acquirers.
Grigorieva S., Панькова И. Д., Финансы и бизнес 2020 Т. 16 № 3 С. 61-78
One of the main considerations in any M&A transaction is the method of payment. The right choice of method of payment contributes to the reduction of the company's cost of capital, risk diversification, and shareholders' wealth creation. The article presents the analysis of earnout contracts, which have been increasing in popularity in the last decades. ...
Added: April 16, 2021
Kokoreva M. S., Никифоров М. С., Корпоративные финансы 2015 Т. 4 № 36 С. 72-87
This article presents the results of a study of corporate capital structure in emerging capital markets, taking into account the business cycles of the economy. Our study was conducted on the data of 581 companies from BRICS countries for the years 2002-2014. We revealed that the target capital structure is dependent on set of factors ...
Added: January 18, 2016
Grigorieva S., Гринченко А. Ю., Корпоративные финансы 2013 № 4(28) С. 63-81
The performance of M&A deals in financial sector is the actual topic in financial academic literature for many years. Most existing studies examine the performance of M&A deals in developed countries. We contribute to existing literature by examining the impact of mergers and acquisitions on bidder’s value in emerging BRICS countries over 2000–2012. In contrast ...
Added: March 16, 2014
Grigorieva S., Petrunina T., Journal of Management Control 2015 Vol. 26 No. 4 P. 377-403
Researchers have long tried to define the impact of corporate mergers and acquisitions on company performance. We contribute to the existing literature by examining the performance of M&A deals in emerging capital markets based on the economic profit model and comparing the results with ones obtained by means of traditional method—accounting studies. Examining a sample ...
Added: October 14, 2015
Fomkina S., Вестник Санкт-Петербургского университета. Серия 5. Экономика 2016 № 4
Now there is a common practice in many Russian and foreign companies to include in asset pricing models a premium for small capitalization (size premium). As a rule, companies employing this approach (including Russian companies) use premiums of such reports as Ibbotson SBBI Classic Yearbook or Duff & Phelps Risk Premium Report. However, an information ...
Added: October 9, 2016
Timofeev D. V., Корпоративные финансы 2015 № 2(34) С. 54-74
Emerging market companies typically have lover values than their counterparts in developed markets. In order to account for this practitioners typically use an ad hoc premium in discount rate in their DCF models – so called country risk premium. Approaches for this premium calculation do not have adequate theoretical basis in the literature. There is ...
Added: July 15, 2015
Kokoreva M. S., Белозеров И. А., Корпоративные финансы 2014 № 2 С. 19-32
The paper presents the results of optimal capital structure range analysis which appears in case of significant recapitalization costs. The review of existing studies is complemented be the study conducted on a sample of large BRICS companies for 2002-2010 years. Results of the study demonstrate the presence of an optimal capital structure range for companies ...
Added: October 3, 2014
Grigorieva S., Фоменко Н. В., Корпоративные финансы 2012 № 4 (24) С. 64-79
The impact of mergers and acquisitions on company value is the topic for debate in financial academic literature for a long time. One of the major considerations in any M&A transaction that influence the performance of mergers and acquisitions is the method of payment. Based on the sample of 825 deals in BRICS countries that ...
Added: March 13, 2013
Grigorieva S., Petrunina T., / Высшая школа экономики. Series FE "Financial Economics". 2013. No. WP BRP 20/FE/2013.
Researchers have long tried to define the impact of corporate mergers and acquisitions on company performance. We contribute to the existing literature by examining the influence of M&A deals on company value in the short-run using the event study method and in the long-run based on economic profit concept. Examining a sample of 80 deals ...
Added: October 25, 2013
Kokoreva M. S., Юлова С. М., Корпоративные финансы 2013 № 4 (28) С. 5-22
The paper presents the results of dynamic trade-off empirical testing on the data of 30 countries for 2005-2010. The authors show that the speed of adjustment to the target capital structure for Western Europe countries is mostly determined by internal factors. Meanwhile for emerging capital market the growth rate of GDP as well as time ...
Added: March 10, 2014
Svetlana Grigorieva, Georgii Gorbatov, / Высшая школа экономики. Series FE "Financial Economics". 2015. No. WP BRP 47/FE/2015.
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 ...
Added: September 14, 2015
Ivashkovskaya I., Макаров П. В., Journal of Corporate Finance Research / Корпоративные финансы 2010 Т. 4 № 3 С. 47-62
Capital structure choice is among the key corporate decisions which influence its long term performance and it is considered to be one of the core problems in th theory of corporate finance. Despite the existence of plenty of empirical research papers in the area, many conceptual problems have not been resolved even for developed economies. ...
Added: October 27, 2012
Anilov A., Pirogov N., Journal of Corporate Finance Research 2016 No. 2 (38) P. 38-50
Financing and payout decisions generally affect company’s economic performance: they have impact (both directly and indirectly) on the free cash flow and, thus, on company’s and shareholders’ value. Search for optimal capital structure and optimal payout policy strategy that are likely to maximize shareholders’ utility resulted in the papers, dedicated to determinants of capital structure ...
Added: July 31, 2016
Оценка реакции цен акций российских компаний на информацию об инвестировании в инновационные проекты
Rogova E., Гусева Д. Е., Инновации 2016 Т. 3 № 209 С. 104-112
The aim of the study is to analyze the character of market response to the information on innovative projects investments made by Russian companies and to produce a reasoned conclusion about it. The key objective of investments is to create value, so the research question is whether Russian investors perceive value creation from innovative investments. ...
Added: May 4, 2016
Teplova T., Аудит и финансовый анализ 2010 № 4 С. 225-236
In this study we analyze a problem of the account of low liquidity of securities at carrying out of the fundamental analysis in the Russian capital market. The discount rate for prediction cash flow is a important factor in target price calculation. Standard САРМ as a model to explain assets pricing has restrictions in practical ...
Added: September 28, 2012
Влияние слияний и поглощений на операционную эффективность компаний на развивающихся рынках капитала
Grigorieva S., Троицкий П. В., Корпоративные финансы 2012 № 3 (23) С. 31-43
This paper examines the impact of mergers and acquisitions on corporate performance on the sample of companies from BRIC countries over 2005-2009. Based on the accounting study method we find that the operating performance of firms (measured by EBITDA/Sales ratio) improves subsequent to mergers and acquisitions. We also find that the main determinants of M&A ...
Added: October 27, 2012
Chirkova E. V., Petrov V., Корпоративные финансы 2015 Т. 4 № 36 С. 51-71
This article presents the results of a study of insider trading prior to the cases of
administrative pressure on the Russian public companies. The study is based on an analysis of
cumulative abnormal returns during the period prior to the publication of a news. In the study we
analyzed 71 news about the administrative pressure. We have not ...
Added: February 26, 2016
Kokoreva M. S., Ulugova A. E., Экономическая политика 2015 Т. 10 № 6 С. 160-170
Corporate governance is one of the crucial characteristics of the firm, which provides not only investor’s protection, but also significantly affects all decisions taken by the firm, including financing policy. Results of studies on developed capital markets show that strong corporate governance provides more favorable terms of financing. In addition, on emerging markets due to ...
Added: January 18, 2016
Маричева Н. Н., Rogova E., Корпоративные финансы 2016 Т. 10 № 4 С. 68-82
The paper represents the results of empirical testing of market reaction at the announcements on takeovers at Russian and European financial markets. It contains an attempt to reveal the differences in market reactions between both friendly acquisitions and hostile takeovers, and European and Russian markets. On the base of the study, the authors conclude that ...
Added: March 17, 2017
Черкашина А. В., Управление корпоративными финансами 2015 № 4 (70) С. 208-227
Статья посвящена оценке влияния сделок корпоративного дивестирования на цены акций компаний. На выборке из 457 сделок продажи и выделения активов компаниями стран БРИК за период 2000–2014 гг. было выявлено, что рынок положительно реагирует на объявления о сделках дивестиций. Значения средней накопленной избыточной доходности (CAR) положительны и статистически значимы при реализации метода событийного анализа для выборок ...
Added: October 19, 2015
Grigorieva S., Колмыкова Т. В., Вестник Московского университета. Серия 6: Экономика 2020 № 3 С. 58-77
The choice of stock as a method of payment in M&A deals is usually considered by researchers as a signal of acquirer’s stock overvaluation that is proved by its negative impact on M&A performance. However, this view doesn’t take into account information asymmetry faced by the acquirer. The choice of stock payment may be used ...
Added: September 2, 2020
Kokoreva M. S., Корпоративные финансы 2012 № 2 С. 58-70
The paper presents the results of dynamic trade-off empirical testing on the data of BRIC and Eastern European companies. On the sample of 403 large public companies within 2002-2010 financial years the relevance of dynamic trade-off theory was revealed. Moreover it was found out that market timing and pecking order motives influence the debt-to-equity choice ...
Added: December 7, 2012
Kokoreva M., Ulugova A., / Высшая школа экономики. Series FE "Financial Economics". 2014.
Corporate governance is one of the crucial characteristics of the firm, which not only provides protection for investors but also significantly affects all decisions taken by the firm, including financing policy. The results of studies examining developed capital markets show that strong corporate governance provides more favourable terms of financing. In addition, due to information ...
Added: October 13, 2014
Grigorieva S., Гринченко А. Ю., Корпоративные финансы 2013
The performance of M&A deals in financial sector is the actual topic in financial academic literature for many years. Most existing studies examine the performance of M&A deals in developed countries. We contribute to existing literature by examining the impact of mergers and acquisitions on bidder’s value in emerging BRICS countries over 2000–2012. In contrast ...
Added: October 25, 2013