Cross-border acquisitions and shareholder wealth: tests of the synergy and internalization hypotheses

Article Abstract:

Cross-border acquisitions are wealth-creating corporate activities in general. This was gleaned from a study of the effect of foreign acquisitions of US firms on the wealth of both the acquirer and target shareholders. The synergy hypothesis was also tested by estimating the combined wealth gains from cross-border acquisitions. Significantly favorable net wealth gains were posted by shareholders of the 103 paired sample of acquirers and targets, affirming the synergy hypothesis. However, the enormity of net wealth gains varied widely across foreign acquirers.

Stockholder Relations, Finance, Acquisitions and mergers, Stockholders, Investor relations

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International diversification through closed-end country funds

Article Abstract:

A U.S. -based closed-end country fund is an investment company listed on a U.S. stock exchange but invests in the securities of a particular foreign country. This paper evaluates its potential as a vehicles for international diversification and finds that such funds retain exposure to their local market factors and provide diversification benefits to U.S. investors.

Statistical Data Included, Methods, Evaluation, Product information, Portfolio management, Securities, Investment companies

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Corporate valuation around the world: the effects of governance, growth, and openness

Article Abstract:

The role of corporate governance, capital market openness and growth options of countries in causing cross-country differences in corporate valuation is analyzed.

Forecasts, trends, outlooks, Singapore, Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors, Asset Valuation & Distribution, Forecasts and trends, Corporate governance, Capital market, Capital markets, Market trend/market analysis, Comparative analysis, Corporate growth, Industry growth, Asset valuation

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