Global diversification and bidder gains: A comparison between cross-border and domestic acquisitions

By Sara B. Moeller, Frederik Schlingemann. 2005

633 citations recorded by the source corpus.

Subfields: Accounting, Economics and Econometrics

View Paper: https://www.semanticscholar.org/paper/282ab8d17475fd35865d5e973ee9a1cb09bca3f3

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Citations in the corpus

Creditor rights and corporate risk-taking (2009, positive): “Jarrell (1995) and Moeller and Schlingemann (2005) show that diversifying mergers”
The motives and performance of cross-border acquirers from emerging economies: Comparison between Chinese and Indian firms (2013, methodology): “However, Moeller and Schlingemann (2005) argue that international diversification can be considered as value decreasing (at least for shareholders) if the costs are higher than the benefits.”
Value creation from M&As: New evidence (2017, positive): “…CROSS BORDER ) equal to one when the target is outside the U.S. since higher announcement returns are documented for acquisitions of foreign targets (Moeller and Schlingemann, 2005); x) a serial acquirer control ( SERIAL ) which accounts for the fact that multiple bidders tend to make worse…”
Globalizing the Boardroom - The Effects of Foreign Directors on Corporate Governance and Firm Performance (2012, methodology): “To the extent that the acquisition destroys shareholder value and causes the U.S. firm to underperform (Moeller and Schlingemann (2005)), a negative correlation between FID presence and firm performance would result.”
A Signaling Theory of Acquisition Premiums: Evidence from IPO Targets (2012, background): “Prior research has compared the shareholder valuation effects of cross-border and domestic acquisitions and has shown that foreign acquirers experience significantly lower announcement returns than domestic acquirers (e.g., Moeller & Schlingemann, 2005).”
Does global diversification destroy firm value? (2006, background): “global diversification (Christophe, 1997; Click and Harrison, 2000; Eckbo and Thorburn, 2000; Moeller and Schlingemann, 2005 ), they do not examine the sources of the global diversification discount.”
Do international acquisitions by emerging-economy firms create shareholder value? The case of Indian firms (2010, methodology): “First, it has been extensively used over time in finance and strategic management studies of M&As (e.g., Doukas & Travlos, 1988; Haleblian & Finkelstein, 1999; Markides & Ittner, 1994; Moeller & Schlingemann, 2005).”
Firm Size, Takeover Profitability, and the Effectiveness of the Market for Corporate Control: Does the Absence of Anti-Takeover Provisions Make a Difference? (2011, positive): “Abnormal returns are predicted to be lower if the deal causes diversification across industry or across country (Moeller and Schlingemann, 2005).”
Lost in Translation? The Effect of Cultural Values on Mergers Around the World (2015, positive): “Our paper also relates to a line of research that studies the role of formal institutions on cross-border mergers (Rossi and Volpin, 2004; Moeller and Schlingemann, 2005; Bris and Cabolis, 2008; Chari, Ouimet, and Tesar, 2010; Ferreira, Massa, and Matos, 2010; Dinc- and Erel, 2010; Ellis, Moeller, S”
Mergers and Acquisitions in Europe (2006, neutral): “Moeller et al. (2004) and Faccio et al.”
A century of corporate takeovers: What have we learned and where do we stand? (2008, neutral): “…+0.44 +0.77b +0.07 Moeller and Schlingemann and Stulz (2005), US 1980-90 1991-01 1998-01 MM (-1, +1) 448 1519 729 All deals +0.64* +1.20* +0.69* Moeller and Schlingemann (2005), US 1985-90 1990-95 MAM (-1, +1) 1214 2832 Domestic deals +0.44a +1.49c Bhagat et al. (2005), US 1962-68 1968-80…”
Do cross-border mergers and acquisitions increase short-term market performance? The case of Chinese firms (2017, methodology): “This measure has been widely used in international business and strategic management studies of M&As (Doukas & Travlos, 1998; Haleblian & Finkelstein, 1999; Moeller & Schlingemann, 2005).”