"This research is based on a doctoral thesis awarded by the French Association of Mergers and Acquisitions Managers (ARFA) in 2015, which brings together the heads of mergers and acquisitions of the CAC 40"--On back cover.
"This research is based on a doctoral thesis awarded by the French Association of Mergers and Acquisitions Managers (ARFA) in 2015, which brings together the heads of mergers and acquisitions of the CAC 40"--On back cover.
Ludivine Chalençon is Associate Professor at IAE Lyon, Université Jean Moulin Lyon in France where she teaches corporate finance.
Inhaltsangabe
Acknowledgements ix General Introduction xi Part 1. Location and Performance of Mergers and Acquisitions 1 Introduction to Part 1 3 Chapter 1. Characteristics and Location of Mergers and Acquisitions 5 1.1. Modes of conduct of mergers and acquisitions 6 1.1.1. The characteristics of mergers and acquisitions 6 1.1.2. Mergers and acquisitions as modes of entry on foreign markets 18 1.2. International development by means of mergers and acquisitions 32 1.2.1. Geographic distance and economic growth 33 1.2.2. Quality of institutions and cultural differences 38 1.3. Conclusion 47 Chapter 2. Analysis of the Performance of Mergers and Acquisitions 49 2.1. Theoretical perspectives 50 2.1.1. The perspective of industrial economy 50 2.1.2. The perspectives of informational efficiency and organizational finance 57 2.2. Performance of mergers and acquisitions 68 2.2.1. Measuring the performance of mergers and acquisitions 68 2.2.2. Value creation factors 77 2.3. Conclusion 99 Conclusion to Part 1 103 Part 2. Methodology of the Empirical Study 105 Introduction to Part 2 107 Chapter 3. Research Methodology 109 3.1. Methodological choices 109 3.1.1. Epistemological stance 110 3.1.2. Event studies 113 3.2. Statistical analysis 140 3.2.1. Simple and multiple linear regressions 140 3.2.2. Logistic regressions 145 3.2. Conclusion 151 Chapter 4. Presentation of the Empirical Study 153 4.1. The constitution of the sample 154 4.1.1. The selection of the sample contents 154 4.1.2. Data collection 158 4.2. Descriptive analysis of the sample 171 4.2.1. The main sample 171 4.2.2. A focus on "clustered" announcements 193 4.3. Conclusion 195 Conclusion to Part 2 197 Part 3. Location and Value Creation of Mergers and Acquisitions by French Acquirers 199 Introduction to Part 3 201 Chapter 5. Determinants of Location of Mergers and Acquisitions 203 5.1. Geographic distance and economic growth 207 5.1.1. The impact of geographic distance 208 5.1.2. The role of economic growth 212 5.2. The quality of institutions and cultural differences 216 5.2.1. The influence of the quality of institutions 216 5.2.4. The impact of cultural differences 220 5.2.5. The global research model 224 5.3. Conclusion 227 Chapter 6. Determinants of Value Creation of Mergers and Acquisitions 231 6.1. Value creation and acquirer focus 232 6.1.1. The analysis of the reaction of financial markets 232 6.1.2. Characteristics of the acquirer 244 6.2. Target focus and operation 257 6.2.1. Characteristics of the target 258 6.2.2. Characteristics of the operation 277 6.3. Conclusion 292 Conclusion to Part 3 297 General Conclusion 299 Appendices 315 Appendix 1. 317 Appendix 2. 319 Appendix 3. 321 Appendix 4. 323 Appendix 5. 325 Appendix 6. 327 Appendix 7. 329 Appendix 8. 331 Bibliography 333 Index 363
Acknowledgements ix General Introduction xi Part 1. Location and Performance of Mergers and Acquisitions 1 Introduction to Part 1 3 Chapter 1. Characteristics and Location of Mergers and Acquisitions 5 1.1. Modes of conduct of mergers and acquisitions 6 1.1.1. The characteristics of mergers and acquisitions 6 1.1.2. Mergers and acquisitions as modes of entry on foreign markets 18 1.2. International development by means of mergers and acquisitions 32 1.2.1. Geographic distance and economic growth 33 1.2.2. Quality of institutions and cultural differences 38 1.3. Conclusion 47 Chapter 2. Analysis of the Performance of Mergers and Acquisitions 49 2.1. Theoretical perspectives 50 2.1.1. The perspective of industrial economy 50 2.1.2. The perspectives of informational efficiency and organizational finance 57 2.2. Performance of mergers and acquisitions 68 2.2.1. Measuring the performance of mergers and acquisitions 68 2.2.2. Value creation factors 77 2.3. Conclusion 99 Conclusion to Part 1 103 Part 2. Methodology of the Empirical Study 105 Introduction to Part 2 107 Chapter 3. Research Methodology 109 3.1. Methodological choices 109 3.1.1. Epistemological stance 110 3.1.2. Event studies 113 3.2. Statistical analysis 140 3.2.1. Simple and multiple linear regressions 140 3.2.2. Logistic regressions 145 3.2. Conclusion 151 Chapter 4. Presentation of the Empirical Study 153 4.1. The constitution of the sample 154 4.1.1. The selection of the sample contents 154 4.1.2. Data collection 158 4.2. Descriptive analysis of the sample 171 4.2.1. The main sample 171 4.2.2. A focus on "clustered" announcements 193 4.3. Conclusion 195 Conclusion to Part 2 197 Part 3. Location and Value Creation of Mergers and Acquisitions by French Acquirers 199 Introduction to Part 3 201 Chapter 5. Determinants of Location of Mergers and Acquisitions 203 5.1. Geographic distance and economic growth 207 5.1.1. The impact of geographic distance 208 5.1.2. The role of economic growth 212 5.2. The quality of institutions and cultural differences 216 5.2.1. The influence of the quality of institutions 216 5.2.4. The impact of cultural differences 220 5.2.5. The global research model 224 5.3. Conclusion 227 Chapter 6. Determinants of Value Creation of Mergers and Acquisitions 231 6.1. Value creation and acquirer focus 232 6.1.1. The analysis of the reaction of financial markets 232 6.1.2. Characteristics of the acquirer 244 6.2. Target focus and operation 257 6.2.1. Characteristics of the target 258 6.2.2. Characteristics of the operation 277 6.3. Conclusion 292 Conclusion to Part 3 297 General Conclusion 299 Appendices 315 Appendix 1. 317 Appendix 2. 319 Appendix 3. 321 Appendix 4. 323 Appendix 5. 325 Appendix 6. 327 Appendix 7. 329 Appendix 8. 331 Bibliography 333 Index 363
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