The performance of frequent acquirers: Evidence from emerging markets

Mergers and acquisitions in and out of emerging economies

“…For acquirers based in EE, some studies indicate positive effects of the prior M&A experience (Bertrand & Betschinger, 2012). On the other hand, there is evidence of declining returns for firms undertaking frequent acquisitions in EE (Rahahleh & Wei, 2012).…”

“…Agarwal and Bhattacharjea (2006),Bhaumik and Selarka (2012);Chi et al (2011),Li and Qian (2013),Lin et al (2009), Rahahleh andWei (2012),Xu et al (2010),), Yang, Sun, et al (2011 Cross-border (from DE to EE) (Cell C)Bednarczyk et al (2010),Brouthers and Dikova (2010),Chari et al (2010),Estrin and Meyer (2011),Graham et al (2008),Lanine and Vennet (2007),Liao and Williams (2008), Meyer and Estrin(2001), Meyer et al (2009), Poghosyan and de Haan (2010), Rabbiosi et al (2012) Cross-border (from EE to DE) (Cell B) Chari et al (2012), Chen (2011), Knoerich (2010), Peng (2006, 2012), Rui and Yip (2008) Cross-border (from EE to both DE and EE) (Cells B and D) Aybar and Ficici (2009), Bhagat et al (2011), Buckley et al (2012), Chen and Young (2010), Dailami et al (2012), De Beule and Duanmu (2012), Deng (2009), Elango and Pattnaik (2011), Gubbi et al (2010), Hope et al (2011), Malhotra et al (2011), Nicholson and Salaber (2013), Sethi (2009), Sun et al (2012), Wu and Xie(2010),Yang and Hyland (2012) Cross-border (between DE and EE, between EEs) (Cells B, C, and D)Feito-Ruiz and Menendez-Requejo(2011),Goddard et al (2012),Kim and Lu (2013) Domestic in EE and cross-border from EE (Cells B and D) Bertrand and Betschinger (2012) Domestic and cross-border M&As in EE (Cells C and D)…”

The performance of mergers and acquisitions in emerging capital markets: new angle

“…Bhagat et al (2011) reveal positive market reaction to the announcements of M&A deals for companies from BRICS, Malaysia, Mexico, and the Philippines, based on the sample of 678 cross-border M&A deals for the period 1997-2008. Analysing the similar time period Al Rahahleh and Wei (2012) also prove positive effects of cross-border M&A deals for acquirers from 17 developing countries. Negative market reaction is found by Aybar and Ficici (2009) and by Bris and Cabolis (2008) for deals, initiated by companies from Asia, Latin America and Africa.…”

Por que as empresas realizam aquisições com frequência?

“…Dessa forma, desconsideram que as empresas podem se envolver em sucessivas aquisições durante sua existência. Fato que é intrigante, pois basta uma análise geral dos dados sobre aquisições para se perceber que realizar aquisições frequentemente é um comportamento corporativo cada vez mais comum (Al Rahahleh & Wei, 2012).…”