The Acquisition Performance Of Acquiring Firms From Emerging Market:Evidence From US Sub-Prime Financial Crisis

• Main Authors: Huang,Chiyu, 黃綺玗
• Other Authors: Yen,Tzeyu
• Format: Others
• Language: zh-TW
• Published: 2011
• Online Access: http://ndltd.ncl.edu.tw/handle/48235886030435347151

碩士 === 國立中正大學 === 財務金融研究所 === 99 === The global financial crisis from 2007 has brought about the most severe devastation to global economic. But when it comes to the merger and acquisition (M&A) activities, we can find that emerging markets are more aggressive than some developed countries which M&A activities decline because of economic depress.This research mainly discuss the emerging market’s merger-and- acquisition (M&A) activities of 295 deals that took place in this US Sub-Prime financial crisis time. The research purpose not only wants to know the market performance of the acquiring firm but also to explore what factors may influence the market expectation. In addition, in order to tell the differences between pre-crisis time and crisis time, this research even expand forward the sample time to make some compare.And the research discovers that it’s not a good idea for emerging market to play the role of Bargain Hunting. In terms of announcement effect, these M&A activities destroy value for emerging market acquiring firm. And the evidences also conclude some emerging market and general deals characteristic may significantly influence the market performance, it contains these factors: cross border M&A, relative size of acquirer and target, government ownership, multiple bidders, industry relative of acquirer and target and acquirer’s leverage.