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Please use this identifier to cite or link to this item: http://hdl.handle.net/2259/661

Title: Analyzing determinants of value creation in domestic and cross border acquisitions in India
Authors: Reena, Kohli
Mann, Bikram Jit Singh
Keywords: Bid speciļ¬c factors
Cross border acquisitions
Domestic acquisitions
Internalization
Mergers and acquisitions
Market imperfections
Issue Date: 2012
Publisher: Elsevier
Abstract: The present study seeks to assess the acquiring company announcement gains, and determinants thereof, in domestic and cross border acquisitions in India. For this purpose, 268 acquisitions comprising of 202 cross border acquisitions and 66 domestic acquisitions constitute the sample set. Standard event study methodology has been employed for computing the announcement returns. Further, regression analysis has been conducted to assess the sources of wealth gains in domestic and cross border acquisition. The results of event study indicate that cross border acquisitions have created significantly higher wealth gains than the domestic ones. Further, the results of regression analysis highlight that cross border acquisitions, pursued by the acquiring companies in technology intensive sector, for the target companies also in technology intensive sector, create superior wealth gains. The reason being, such cross border acquisitions provide an opportunity to the acquiring company to combine...
Description: International Business Review 21 (2012 998-1016)
URI: http://hdl.handle.net/2259/661
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