We examine the patterns of acquisitions by emerging market firms in emerging and developed markets. We show that emerging market firms are becoming increasingly active in targeting companies in developed countries since 1990. The two dominant patterns of emerging market firm acquisitions are...

This study empirically tests shareholder wealth effects at the announcement of acquisitions of foreign firms by Chinese firms. Listed firms in China are unique in that the ratio of shareholding by the state or state-owned enterprises is high in many firms, and their shares listed sorely in...

We develop a model of foreign direct investment (FDI) in which financially liquid foreign firms acquire liquidity-constrained target firms. Using a large dataset of emerging-market acquisitions, we find evidence supporting three central predictions of the model: (i) firms in external finance...

Entry by multinational enterprises (MNEs) into emerging markets has increased substantially over the last decades. Many of these MNE entries have taken place in concentrated markets. To capture these features, we construct a strategic interaction model of MNE cross-border acquisition and...

This paper studies the impact of M&A of Canadian firms by emerging market firms on the stock performance of the acquired firms from 2000 to 2016, using the short-term window event study. We find that the abnormal return of target firms on the event day is 10.3 percent and the cumulative abnormal...

The aim of the paper is to study the value created by foreign shareholders in Indonesia finance company industry over the period 2001-2015. We analysed the value creation of related and unrelated foreign shareholders by comparing the key financial performance. We analysed 7 micro key financial...