The industrial development of emerging markets has been a powerful driver for mergers and acquisitions. The contributions collected in this book assess major M&A deals in the largest emerging capital markets (Brazil, Russia, India, China) and their role in shareholder value creation in the markets' specific business environments. In addition, the book explores various dimensions of M&A deals in order to summarize the main trends in corporate control markets in the largest emerging countries, and how they differ from those in developed countries; to identify deal-performance relationships and…mehr
The industrial development of emerging markets has been a powerful driver for mergers and acquisitions. The contributions collected in this book assess major M&A deals in the largest emerging capital markets (Brazil, Russia, India, China) and their role in shareholder value creation in the markets' specific business environments. In addition, the book explores various dimensions of M&A deals in order to summarize the main trends in corporate control markets in the largest emerging countries, and how they differ from those in developed countries; to identify deal-performance relationships and the determinants of success or failure; to reveal the drivers for the premium in M&A deals; and to capture market responses to different M&A strategies. By doing so, the book makes a significant contribution to the literature, which has to date largely focused on developed markets.
Irina Ivashkovskaya is Professor and the head of the School of finance at the HSE, Moscow, Russia. She has created and has been developing Corporate Finance Research Center since 2006 which became the leading institution in this field in Russia. Irina is also a co-founder and chief editor of the Russian leading leer-reviewed "Journal of corporate finance research" published by NRU HSE over 10 years. She holds Russian State award "Honorary professor of Russian Higher Education" and is a laureate of the special HSE award for the outstanding contribution to development of the University. She has published in leading Russian academic and professional journals, has more than half - dozen books in corporate finance and articles in international journals. She has also extensive experience of work for the World Bank institute. Eugene Nivorozhkin is the Associate Professor in Finance at University College London. Prior to joining University College London, Dr Nivorozhkin worked as an Assistant Professor in Finance at the University of Groningen, University of Gothenburg. The University of Pennsylvania, the Copenhagen Business School, Uppsala University, the Bank of Finland's Institute for Economies in Transition (BOFIT), City University London, Brunel University, Jagiellonian University, Freie Universität Berlin, and Corvinus University of Budapest. Eugene has over 20 peer-review publications in international academic journals, actively provides commentary in mass media (e.g., Bloomberg News, BBC Radio, The Guardian), and engages in consulting services for public and private organizations in developed and emerging market economies. His research interests span theoretical and empirical work in the areas of corporate finance, banking regulation, market for corporate control, and financial markets. Svetlana Grigorieva is Associate Professor at School of Finance of HSE and Research fellow at Corporate Finance Center, where she is a head of the project devoted to M&A deals in developed and emerging capital markets. In the recent past Svetlana was an executive scientific secretary of Russian leading peer-reviewed Journal of Corporate Finance Research. Now she continues to cooperate with the Journal, preparing the reviews for submitted articles. Svetlana's professional interests are related to corporate finance, business valuation, M&A and restructuring. She teaches these courses for undergraduate and postgraduate students. Svetlana authored over 20 peer-reviewed publications in Russia and internationally. Her research interests refer to empirical work in corporate finance and M&A performance in developed and emerging capital markets.
Inhaltsangabe
Part I: Strategic Deals and Value Creation: The Lessons from Previous Research.- M&As Trends in Emerging Capital Markets.- How M&A Deals Influence Corporate Performance in Developed and Emerging Capital Markets: A Review of Empirical Results in the Literature.- Determinants of Cross-Border M&As and Shareholder Wealth Effects in a Globalized World.- Meta-analysis of M&As Studies in Emerging Markets.- Part II: Strategic Deals and Value Effects: New Empirical Evidence.- Post-acquisition Value Effects of M&A Deals: A Comparative Analysis in Developed and Emerging Capital Markets.- What Drives the Control Premium? Evidence from BRIC Countries.- Success Factors in M&As of Knowledge-Intensive Firms in Brazil: Evidence from Consulting Engineering Companies.- Domestic M&As in Russia: Performance and Success Factors.- Part III: Diversification Strategies via M&As: New Evidence from BRIC.- Corporate Diversification-Performance Puzzle in BRIC.- Corporate International Diversification andPerformance: An Economic Profit Viewpoint-Evidence from BRIC Companies.- Conclusion: M&As in Emerging Markets-The Lessons Learned.
Part I: Strategic Deals and Value Creation: The Lessons from Previous Research.- M&As Trends in Emerging Capital Markets.- How M&A Deals Influence Corporate Performance in Developed and Emerging Capital Markets: A Review of Empirical Results in the Literature.- Determinants of Cross-Border M&As and Shareholder Wealth Effects in a Globalized World.- Meta-analysis of M&As Studies in Emerging Markets.- Part II: Strategic Deals and Value Effects: New Empirical Evidence.- Post-acquisition Value Effects of M&A Deals: A Comparative Analysis in Developed and Emerging Capital Markets.- What Drives the Control Premium? Evidence from BRIC Countries.- Success Factors in M&As of Knowledge-Intensive Firms in Brazil: Evidence from Consulting Engineering Companies.- Domestic M&As in Russia: Performance and Success Factors.- Part III: Diversification Strategies via M&As: New Evidence from BRIC.- Corporate Diversification-Performance Puzzle in BRIC.- Corporate International Diversification andPerformance: An Economic Profit Viewpoint-Evidence from BRIC Companies.- Conclusion: M&As in Emerging Markets-The Lessons Learned.
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