Assessing abnormal returns: the case of Chinese M&A acquiring firms

Song, Xiaojing, Tippett, Mark and Vivian, Andrew (2017) Assessing abnormal returns: the case of Chinese M&A acquiring firms. Research in International Business and Finance, 42. 191–207. ISSN 0275-5319

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Abstract

This paper analyzes of the economic benefits that accrue to Chinese acquiring firms. Our sample is based on 279 Chinese acquiring firms from 1990 until 2008 and leads to three main findings: i) Chinese acquirers have positive abnormal returns in contrast to western acquirers which tend to earn negative abnormal returns; ii) Chinese takeovers involving alternative modes of consideration have higher abnormal returns than cash deals, again in contrast to western acquirers where cash deals earn higher returns, and iii) The difference in the abnormal returns between alternative and cash deals for Chinese acquirers is driven by highly valued firms.

Item Type:	Article
Uncontrolled Keywords:	m&a acquiring firms,china,consideration,merger,event window,non-parametric
Faculty \ School:	Faculty of Social Sciences > Norwich Business School
UEA Research Groups:	Faculty of Social Sciences > Research Groups > Accounting, Finance and Governance (former - to 2017)
Related URLs:	http://www.sciencedirect.com/science/art...
Depositing User:	Pure Connector
Date Deposited:	13 May 2017 05:05
Last Modified:	28 Mar 2025 08:10
URI:	https://ueaeprints.uea.ac.uk/id/eprint/63498
DOI:	10.1016/j.ribaf.2017.05.009

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