Cross-border Mergers and Acquisitions: Theory and Empirical Evidence

257 Pages·2014·0.941 MB·English

by  Ottorino Morresi, Alberto Pezzi

Cross-border Mergers
and Acquisitions
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Cross-border Mergers
and Acquisitions
Theory and Empirical Evidence
OttorinoMorresiandAlbertoPezzi
cross-bordermergersandacquisitions
Copyright©OttorinoMorresiandAlbertoPezzi,2014.
Allrightsreserved.
Firstpublishedin2014by
PALGRAVEMACMILLAN®
intheUnitedStates—adivisionofSt.Martin’sPressLLC,
175FifthAvenue,NewYork,NY10010.
WherethisbookisdistributedintheUK,EuropeandtherestoftheWorld,thisisby
PalgraveMacmillan,adivisionofMacmillanPublishersLimited,registeredinEngland,
companynumber785998,ofHoundmills,Basingstoke,HampshireRG216XS.
PalgraveMacmillanistheglobalacademicimprintoftheabovecompaniesandhas
companiesandrepresentativesthroughouttheworld.
Palgrave®andMacmillan®areregisteredtrademarksintheUnitedStates,theUnited
Kingdom,Europeandothercountries.
ISBN:978–1–137–35977–3
LibraryofCongressCataloging-in-PublicationData
Morresi,Ottorino.
Cross-bordermergersandacquisitions:theoryandempiricalevidence/
OttorinoMorresi,AlbertoPezzi.
pages cm
Summary:“Thebookdescribestherelevanceofcross-bordermergersandacquisitions
(M&As)intermsofeconomical,geographical,andhistoricalimpactandprovides
thereaderwithacompleteguidetounderstandingthemainconcepts,theories,and
empiricalresultsofcross-borderM&As”—Providedbypublisher.
Includesbibliographicalreferencesandindex.
ISBN978–1–137–35977–3(hardback)
1. Consolidationandmergerofcorporations. I. Pezzi,Alberto. II. Title.
HG4028.M4.M672014
338.8(cid:2)3—dc23 2014022122
AcataloguerecordofthebookisavailablefromtheBritishLibrary.
DesignbyIntegraSoftwareServices
Firstedition:November2014
10987654321
Tomymom,forherendlesspatienceandsupport
OttorinoMorresi
TomyprincessesFlaviaandGiulia
AlbertoPezzi
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Contents
ListofFigures ix
ListofTables xi
Preface xiii
Acknowledgments xvii
1 TheM&APhenomenon 1
2 Cross-borderM&As:TheoryandStrategicProcess 85
3 Cross-borderM&AsandPerformance:EmpiricalEvidence 137
4 Cross-borderM&AsandStockMarketPerformance:Evidence
fromMedium-SizedUSandEuropeanFirms 191
Index 231
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Figures
1.1 Ratioofvalueofferedtonumberoftransactions 25
2.1 Choiceofentrymode 86
2.2 Mainadvantagesanddisadvantagesofacquisitionsand
greenfieldinvestments 89
2.3 Aframeworkforevaluatingentryanddevelopmentstrategies 91
2.4 Potentialalternativeswithintheexportoption 93
2.5 Asequenceofstepstoselectcountryofdestination
alternatives 111
2.6 Principalkeylocationfactors 113