Cross Border Acquisitions and Shareholder Wealth Evidence from Spain is popular PDF and ePub book, written by Martin Renze-Westendorf in 2006-08-04, it is a fantastic choice for those who relish reading online the Business & Economics genre. Let's immerse ourselves in this engaging Business & Economics book by exploring the summary and details provided below. Remember, Cross Border Acquisitions and Shareholder Wealth Evidence from Spain can be Read Online from any device for your convenience.
Cross Border Acquisitions and Shareholder Wealth Evidence from Spain Book PDF Summary
Inhaltsangabe:Abstract: Over the last decade product and factor markets have continued to become more integrated, new markets have emerged and the globalization has become an important strategic issue for companies. As a result, international investment opportunities have in-creased while regulatory restrictions on capital markets have been eased and the market for corporate control has become more integrated. Consequently, the international acquisition activity has increased in both absolute and relative terms over the last decades leading to a significant rise of the proportion of international to domestic merger activity, particularly at the end of the 1990s. As more and more companies consider international diversification as a strategic option for their further growth, the question arises which valuation consequences accompany cross-border acquisitions. Furthermore, it is to be analyzed whether these consequences differ systematically from domestic acquisitions and what could be possible value drivers in these cases. Although mergers and acquisitions in general have received wide attention in academic research, studies concerning the wealth effects of cross-border acquisitions are limited. Moreover, existing empirical evidence primarily stems from the US and UK capital markets neglecting generally the European perspective. Spain, Europe s fifth largest economy, has seen a series of considerable cross-border acquisitions in the last decade culminating in the merger of Santander with Abbey National in 2004 for over USD 15bn, making it the tenth largest transaction worldwide in 2004.3 The Spanish M&A market boom of the 1990s was initially driven by a consolidation process in the financial services, utilities and telecoms sectors which mostly were formerly state-owned. As a consequence of the increasing market concentration Spanish companies expanded internationally, creating some of the biggest corporations world-wide and becoming South America s largest foreign investor. These recent developments and the high acquisition activity from Spain into other countries make it worthwhile to shed light on the valuation consequences and their possible explanations by an empirical analysis. Considering the aforementioned, it is the aim of this thesis to answer the question as to whether the foreign acquisition wave of the last decade in Spain really created value and therewith supports the strategic decisions of the management. The analysis should [...]
Detail Book of Cross Border Acquisitions and Shareholder Wealth Evidence from Spain PDF
- Author : Martin Renze-Westendorf
- Release : 04 August 2006
- Publisher : diplom.de
- ISBN : 9783832497422
- Genre : Business & Economics
- Total Page : 106 pages
- Language : English
- PDF File Size : 20,6 Mb
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