The industrial development of emerging markets has been a powerful driver for mergers and acquisitions. The contributions collected in this book assess major M&A deals in the largest emerging capital markets (Brazil, Russia, India, China) and their role in shareholder value creation in the markets’ specific business environments. In addition, the book explores various dimensions of M&A deals in order to summarize the main trends in corporate control markets in the largest emerging countries, and how they differ from those in developed countries; to identify deal-performance relationships and the determinants of success or failure; to reveal the drivers for the premium in M&A deals; and to capture market responses to different M&A strategies. By doing so, the book makes a significant contribution to the literature, which has to date largely focused on developed markets.
Author(s): Irina Ivashkovskaya, Svetlana Grigorieva, Eugene Nivorozhkin
Series: Advanced Studies In Emerging Markets Finance
Publisher: Springer
Year: 2020
Language: English
Pages: 279
Tags: Corporate Finance
Front Matter ....Pages i-xiv
Front Matter ....Pages 1-1
M&As Trends in Emerging Capital Markets (Deng Junzhi, Rajesh Chakrabarti, Karla Motta Kiffer de Moraes, Luiz F. Autran M. Gomes, Irina Skvortsova)....Pages 3-31
How M&A Deals Influence Corporate Performance in Developed and Emerging Capital Markets: A Review of Empirical Results in the Literature (Svetlana Grigorieva)....Pages 33-61
Determinants of Cross-Border M&As and Shareholder Wealth Effects in a Globalized World (Eugene Nivorozhkin)....Pages 63-80
Meta-analysis of M&As Studies in Emerging Markets (Anna Baranovskaya, Margarita Stemasova)....Pages 81-109
Front Matter ....Pages 111-111
Post-acquisition Value Effects of M&A Deals: A Comparative Analysis in Developed and Emerging Capital Markets (Svetlana Grigorieva, Svetlana Kuzmina)....Pages 113-135
What Drives the Control Premium? Evidence from BRIC Countries (Irina Ivashkovskaya, Elena Chvyrova)....Pages 137-160
Success Factors in M&As of Knowledge-Intensive Firms in Brazil: Evidence from Consulting Engineering Companies (Karla Motta Kiffer de Moraes, Luiz F. Autran M. Gomes)....Pages 161-187
Domestic M&As in Russia: Performance and Success Factors (Ivan Rodionov, Vitaly Mikhalchuk)....Pages 189-220
Front Matter ....Pages 221-221
Corporate Diversification-Performance Puzzle in BRIC (Svetlana Grigorieva)....Pages 223-239
Corporate International Diversification and Performance: An Economic Profit Viewpoint—Evidence from BRIC Companies (Irina Ivashkovskaya, Dmitry Shcherbakov, Pavel Yakovenko)....Pages 241-268
Conclusion: M&As in Emerging Markets—The Lessons Learned (Eugene Nivorozhkin, Irina Ivashkovskaya)....Pages 269-273
