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Więcej informacji o Value Creation through M&A in CEE, Greece, Turkey: An Empirical Study

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Opis

This research examines 350 M&A deals that were announced and completed in CEE, Turkey and Greece between 2000 and 2010. Descriptive statistics show that the majority of the deals announced during that period were cross-border in nature and the CEE, Turkey and Greece companies were the target in the majority of cross-border deals. The result of event studies support previous research with regards to M&A activity in emerging markets: M&A deals in CEE, Turkey and Greece create significant value for both the target, the bidder companies and for the combined entity. The analysis of value drivers shows that cross-border deals create significantly less value than local deals. Moreover, transactions in which a CEE company enters a foreign market create less value amongst cross-border deals. We also find evidence that supports the agency theory of free cash flow: transactions announced during the credit crisis period in which firms held less cash create more value. Finally, there is strong evidence that intra-industry M&A deals have a more positive impact on equity value than inter-industry transactions.

Szczegóły książki

• Pełny tytuł: Value Creation through M&A in CEE, Greece, Turkey: An Empirical Study
• Autor: Efe Tokmen
• Język: Angielski
• Oprawa: Miękka
• Liczba stron: 80
• EAN: 9783330064775
• ID: 16240476
• Wydawca: LAP Lambert Academic Publishing
• Waga: 137 g
• Wymiary: 220 × 150 × 5 mm
• Rok wydania: 2017

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