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The first chapter of this dissertation examines the returns to frequent acquirers from emerging markets and analyzes the cross-country variations in cumulative abnormal returns. The sample consists of 5,147 transactions carried out by firms from 17 common and civil-law countries during the period of January 1985 to June 2008. I find that the cumulative abnormal returns decline over the deal order and it is more pronounced in civil-law countries than in common-law countries. There is also evidence that the premiums paid by acquirers from civillaw countries with a first successful acquisition are higher than those from common-law countries. These findings are consistent with agency problems and the hubris hypothesis, first introduced by Roll (1986). The second chapter examines the information links across futures markets in different nations, using Vector Autoregressive (VAR)-Dynamic Conditional Correlation (DCC) model. The data comprise a large set of commodity and financial futures traded in U.S., U.K., China, Japan, Canada, and Brazil during the period from August 1998 to December 2008. The primary finding is that market interactions are relatively high for commodities for which information production generally is more diverse (metal commodities), while moderate for commodities for which information is more concentrated (agricultural commodities). Furthermore, the strength and persistence of interactions among futures markets decline after excluding the most informative markets. These findings indirectly support the breadth of information being a relevant factor in the extent of information linkage. The results also indicate that the dynamic correlation in futures markets is high in most commodity and financial futures if there is a significant bi-directional return and volatility spillover. Additionally, I estimate a market’s contribution to the price discovery process. In general, the market that has a stronger price impact and a stronger volatility spillover tends to be the market that has greater contribution or leadership in price discovery.

This thesis examines the performance of serial acquirers in the Nordic market between 2006-2016. We investigate how serial acquirers perform in the short-term and long-term and if serial acquirers are affected by hubris, or if they learn by experience. The payment method is examined to determine if cash-financed deals outperform equity-financed deals. The short-term performance study is measured by the Cumulative Abnormal Return (CAR) and the long-term performance study is measured by the Calendar-Time Portfolio (CTP) combined with the Fama-French Four-Factor model. The main findings show that serial acquirers underperform relative to single acquirers only in the short term. No significant results are found for the hubris and learning hypotheses. In addition, we find that acquirer size and the deal size have a significant effect on the short-term post-M&A performance.

本文研究銀行業要進行併購時，主併銀行與目標銀行為了要使合併能更順利地進行而雇用投資銀行，同時希望投資銀行所為他們帶來更多的的合併效益。本文依循William and Julapa（2002）所設的三個變數來衡量投資銀行帶來的效益，檢視雇用投資銀行是否對合併案有幫助：第一個變數是併購案完成的機率；第二是完成的速度；第三為合併後主併銀行的利得。並且探討合併雙方支付給投資銀行的顧問費會受到哪些因素的影響。 文中選取了銀行業作為資料分析的樣本，期間是以合併宣告日從1990年1月1日到2006年12月31日止，總樣本共有242件合併案。 實證結果顯示合併雙方雇用的投資銀行數量越多，不只有更大的機率會合併成功，主併銀行合併後利得也更多，且與合併雙方所支付的顧問費有正向關係。主併銀行雇用更高階的投資銀行，合併從宣告到完成所需要的時間越少。當目標銀行支付越多的顧問費，對於合併完成的機率有重要影響；不過主併銀行卻沒有這現象。 / This paper investigates that how the acquirers and targets choose the investment banks in mergers and acquisitions to make these deals successfully. According to William and Julapa（2002）, we proxy the effort put forth by investment banks in three different ways . The first variable is whether the deals complete or not. Another is the number of days between the merger announcement date and the effective date. The other is the post-acquisition gains for the acquirers. We also discuss the advisory fees paid by the acquirers and targets. Our samples are about the commercial banks and bank holding companies that includes 242 merger deals announced during the period 1 Jan 1990 to 31 Dec 2006. We find the more investment banks be advised, the more likelihood the deals being completed and post-acquisition gains acquirers acquire. This result also has the positive relation with the fees paid by acquirers and targets. We also find that top-tier investment banks advised by acquirers spend less time completing the deals than the lower tier one. Finally, the more advisory fees paid by targets, the more likelihood the deals being completed.

This dissertation identifies key determinants of outbound cross-border mergers and acquisitions (M&As) by emerging Asian acquirers during 2001-2012. Using a zero-inflated model that takes into account different mechanisms governing country pairs that never engage in cross-border M&As and country pairs that actively participate in cross-border M&As, I uncover unique patterns for emerging Asian acquirers. Emerging Asian acquirers originate from countries with lower corporate tax rates than those countries where their targets are located. Furthermore, the negative impact of an international double tax burden is significantly larger than that found in previous studies. While country governance differences and geographical and cultural differences are important determinants of international M&As, relative valuation effects are muted. Coefficients of these determinants vary substantially, depending on whether targets are located in developing or advanced nations. Also, determinants differ considerably between active and non-active players in cross-border M&As. Moreover, comparisons of empirical models illustrate that estimating a non-linear model and taking into account both the bounded nature and non-normal distributions of fractional response variables lead to different inferences from those drawn from a linear model estimated by the ordinary least squares method. Overall, emerging Asian acquirers approach the deals differently from patterns documented in developed markets. So, when evaluating foreign business combinations or devising policies, managers or policymakers should consider these differences.

綜觀過去的文獻多發現購併事件的宣告效果為負,其可歸因於企業錯誤的投 資決策、高估綜效價值或是過度投資。在資本市場甚具影響力的三大法人中,外國 機構投資人憑藉著其國際投資經驗、財務專業及資源,其交易行為經常被認定隱含 高度的資訊內含價值,故本研究希冀探討外資買賣超與台灣上市主併公司長期營 運績效之關聯,以探究外資機構投資人交易是否隱含對主併公司長期營運績效品 質具有認證價值。 本論文以 2003 至 2011 年間進行購併的台灣上市企業為探討對象,排除金融 業的樣本,以外國機構投資人之累積買 (賣) 超股數占總流通在外股數做為交易指 標,並選用單位資本投入之經濟附加價值 (EVA/IC) 與單位資本投入之自由現金流 量 (FCF/IC) 做為長期營運績效指標,並首先以配對差異檢定進行分析。研究發現 外資機構投資人累積淨買超之主併公司的 EVA/IC 在購併後第二年顯著為負值,但 第三年有顯著之正值,在營益率未有起色時,投入資本週轉率有漸趨改善的表現; 與非購併同業相比較時,第三年有顯著之正值。FCF/IC 則於購併後第一年有顯著 負值,稅前淨營業利益的獲利表現較購併前顯著下降;與同業相比時,購併後第一 年有顯著正值,其投資支出較同業為低。其次,外資機構投資人累積淨賣超之主併 公司的 EVA/IC 則在 1~3 年均呈現顯著負值的表現,與同業相比時,均為不顯著之 負值;FCF/IC 在購併後第三年始出現顯著之正值。 為加入控制變數之考量,以複迴歸模型的實證結果發現:外國機構投資人淨買 (賣) 超與主併公司購併長期績效呈現不顯著的正向關係;外國機構投資人淨買超 之主併公司的購併後長期營運績效較購併前三年平均呈現不顯著的正向差異;外 國機構投資人淨買超之主併公司的購併後長期營運績效較非購併同業表現呈現不 顯著的正向差異。 / This study investigates the relationship between foreign institutional trading and the long-term operating performance of acquiring firms. The research is based on acquiring firms listed in Taiwan which announced merger and acquisition between 2003 and 2011. We use cumulative net buying of foreign institution to examine acquirer’s EVA/IC and FCF/IC as the indicator of the long-term operating performance in the three years period after the announcement of merger and acquisition. In the pair-t test, the results indicate that acquirers with net buy of foreign institution have significantly positive EVA/IC as compared to the premerger level and to the match firms in the third year, while exhibit significantly negative EVA/IC in the second year. The FCF/IC of the acquirers with net buy of foreign institutions have significantly negative value compared to the premerger level, but have significantly positive value compared to the match firms in the first year. In the regression analysis, the results indicate a near-all insignificant positive EVA/IC and FCF/IC in the three year period after merger and acquisition.

L’activité de fusions et acquisitions (désormais F&A) a atteint un niveau record en 2017 et s’est élevée à plus de 2 993 milliards d’euros (Thomson Reuters, 2018). Cette dynamique sur le marché des F&A est toutefois dominée par une minorité d’acquéreurs qui entreprennent un très grand nombre de F&A (Kengelbach, Klemmer, Schwetzler et Sperling, 2012). Les importants changements environnementaux tels que la globalisation, l'intégration des économies émergentes et les progrès technologiques ont, en outre, suscité de nouvelles opportunités de croissance pour les firmes et ontfait émerger de véritables « serial acquéreurs » ; ces entreprises qui s’engagent dans des séries ou flux de F&A (Fuller, Netter et Stegemoller, 2002) afin de créer de la valeur et améliorer leur performance économique et financière (Laamanen et Keil, 2008). La mise en œuvre et la réussite de cette stratégie extrêmement complexe et risquée (Boubakri, Chan et Kooli, 2012) s’avèrent toutefois difficiles en pratique (Haleblian, Devers, McNamara, Carpenter et Davison, 2009). Plusieurs études montrent, ainsi, des résultats décevants ou une diminution de la performance des acquéreurs en série au fil de leurs opérations (Billett et Qian, 2008 ; Ismail, 2008 ; Fuller et al., 2002). Ce travail de recherche a dès lors été guidé par l’objectif d’identifier des nouveaux déterminants de la performance en s’intéressant aux fondements stratégiques de ceux-ci, qui permettent de piloter efficacement un programme de F&A, de gérer sa complexité et les risques qui y sont associés, et ainsi favoriser ultimement la performance des firmes.Les résultats de cette recherche ; menée à travers 3 essais ; soulignent l’importance des caractéristiques des programmes de F&A (le rythme, la place et le degré de diversification des F&A) et des motivations sous-jacentes aux opérations de désinvestissement (quand elles sont réalisées dans une optique de gestion de portefeuille dynamique) dans la performance financière des acquéreurs en série. De plus, la performance stratégique en matière de croissance, d’internationalisation et de diversification est permise par des séries de F&A qui s’accompagnent du développement de capacités d’acquisition et de la mise en place de mécanismes d’apprentissage organisationnel tels que la temporisation pour codifier et capitaliser les connaissances acquises, l’ajustement de la vitesse d’intégration à la nature de l’intégration poursuivie et la routinisation des processus d’acquisition par la mise en place d’un système d’information commun à l’ensemble du groupe. Ces acquéreurs en série constitueraient ainsi des acquéreurs « habituels », développant de véritables routines d’acquisition. Ces résultats suggèrent, en outre, qu’au-delà des acquéreurs en série, il existe desacquéreurs habituels en parallèle, véritables « maîtres de portefeuille » (Kengelbach, Keienburg, Schmid, Sievers et Mehring, 2016) qui acquièrent parfois en « grappes » ou qui, simultanément, acquièrent et désinvestissent pour gérer au mieux leur portefeuille d’actifs stratégiques. / Global mergers and acquisitions (M&A) activity has hit a record level in 2017 having reached more than 2,993 billion euros (Thomson Reuters, 2018). This dynamic was, however, due to a minority of acquirers who undertook a substantial number of M&A (Kengelbach, Klemmer, Schwetzler and Sperling, 2012). In addition, important environmental changes such as globalization, emerging economies integration and technological progress have created new opportunities for business growth and led to the emergence of "serial acquirers"; these companies engage in M&A series or M&A flows (Fuller, Netter and Stegemoller, 2002) to create value and improve their economic and financial performance (Laamanen and Keil, 2008). The implementation and success achievement of this extremely complex and risky strategy (Boubakri, Chan and Kooli, 2012) is, however, difficult to apply in practice (Haleblian, Devers, McNamara, Carpenter and Davison, 2009). For instance, numerous studies show disappointing results, e. g. a decrease in the performance of serial acquirers during their M&A operations (Billett and Qian, 2008; Ismail, 2008; Fuller, Netter and Stegemoller, 2002). This research work was aimed to identify new determinants of M&A performance by focusing on their strategic foundations permitting to effectively manage an M&A program, its complexity and associated risks, and, thus, ultimately stimulate the firms’ performance.The results of this research (realized by conducting 3 essays) underline the importance of the M&A programs’ characteristics (rhythm, geography and degree of diversification of M&A transactions) and the motivations underlying the divestment operations (undertaken with a view to the dynamic portfolio management) in the understanding of financial performance of serial acquirers. In addition, the strategic performance of the M&A series (e. g. growth, internationalization and diversification amplitude) is accompanied by the development of acquisition capacities and the implementation of organizational learning mechanisms such as codification of acquired knowledge, speed integration adjustment, etc.). These serial acquirers, thus, become “common” acquirers developing real acquisition routines. The results also suggest that, beyond the serial acquirers, there are common acquirers in parallel, true "portfolio masters" (Kengelbach, Keienburg, Schmid, Sievers and Mehring, 2016) who sometimes acquire in clusters or who, simultaneously, acquire and divest tobest manage their portfolio of strategic assets.

Den här studien avser främst att bestämma huruvida nordiska förvärvare som finansierar uppköp via apportemissioner brukar sig av resultatmanipulation i kvartalen kring förvärvet. Syftet sträcker sig dessutom till att avgöra om den effekten är större för serieförvärvare än för enstaka förvärvare. För att studera resultatmanipulationen används en uppskattning av diskretionära periodiseringar som härleds från den modifierade Jonesmodellen samt ett antal kontrollvariabler. Datainsamlingen har utförts via databasen Refinitiv Eikon. Resultatet bekräftar med statistisk signifikans hypotesen att förvärvare som använder emitterade aktier som transaktionsmedel manipulerar resultatet genom diskretionära periodiseringar innan förvärvet för att sedan återvända till en naturlig nivå. Slutsatsen bör dock tolkas försiktigt då regressionsanalysen kännetecknas av volatila förklaringsgrader. En deskriptivt lägre nivå av diskretionära periodiseringar kan även utläsas från serieförvärvare relativt enstaka förvärvare men utan statistisk signifikans. / The purpose of this study is primarily to determine whether Nordic acquirers that finance their acquisitions through stocks manage their earnings by using discretionary accruals around the time of the event to increase the stock price. Furthermore, the paper investigates if this effect would be larger for serial acquirers. The database Refinitiv Eikon has been used to collect data and the modified Jones model has been applied to estimate levels of discretionary accruals. The results confirm with statistical significance that acquirers that issue stock for payment manage earnings prior to the acquisition relative to cash-paying acquirers and then gradually decrease to a non-discretionary level. Although this conclusion should be interpreted conservatively due to volatile explanatory power. As for serial acquirers, a lower level of discretionary accruals can be observed but with no statistical significance.

Problem: Communication is critical but neglected and underestimated by leaders during PAI, which is furthermore considered a key reason for acquisition failure. In connection to this problem is the lack of case studies conducted on cross-border M&amp;A. This study therefore attempts to bridge this gap by doing a qualitative multiple case study on four global Swedish cross-border acquirers. Purpose: This thesis investigates how Swedish cross-border acquirers utilize leadership communication in the execution of PAI, if there are key challenges within this scope and how they could be managed based on theoretical guidelines. Method: To achieve the purpose the method of this study is based on an explanatory abductive approach with an interpretivist research paradigm. Furthermore, qualitative research has been conducted in the form of collecting primary data through semi-structured interviews with five firm leaders with experience of PAI working for global Swedish cross-border acquirers. Furthermore, this study includes a pre-study on management consulting firms working with PAI. Secondary data is collected from annual reports and other information from the firms’ websites. Finally, the empirical findings are thematically analysed through testing the conceptual framework. Results: The results of this study highlights implications in the form of seven sub-themes needed to be managed by leaders utilizing communication for successful PAI. Furthermore, based on this sample, Swedish cross-border acquirers are generally equipped with how to utilize communication from leaders in PAI. However, results also highlight that neglecting PAI leads to negative results. / Problem: Kommunikation är kritiskt men försummat och underskattat av ledare under PAI, vilket dessutom anses vara en viktig anledning till förvärvsmisslyckande. I koppling till detta problem råder det även brist på fallstudier inom cross-border M&amp;A. Denna studie försöker därför fylla detta gap genom att genomföra en kvalitativ flerfallstudie på fyra globala svenska cross-border förvärvare. Syfte: Denna studie undersöker hur svenska cross-border förvärvare nyttjar ledarskapskommunikation vid genomförandet av PAI, om det finns nyckelutmaningar inom detta tillämpningsområde samt hur dessa kan hanteras baserat på teoretiska riktlinjer. Metod: För att uppnå syftet är metoden i denna studie baserad på ett förklarande abduktivt tillvägagångssätt med ett interpretivistiskt forskningsparadigm. Dessutom har kvalitativ forskning genomförts i form av insamling av primärdata genom utförandet av semi-strukturerade intervjuer med fem ledare med erfarenhet av PAI som arbetar för globala svenska cross-border förvärvare. Fortsättningsvis inkluderar denna studie en förstudie på managementkonsultbolag som arbetar med PAI. Sekundärdata har samlats in från årsredovisningar och annan information från firmornas hemsidor. Slutligen analyseras det empiriska resultatet i form av en tematisk analys genom att testa det konceptuella ramverket. Resultat: Resultaten av denna studie upplyser implikationer i form av sju underteman som behöver hanteras av ledare genom kommunikation för framgångsrik PAI. Vidare, baserat på detta urval av svenska cross-border förvärvare är att de är generellt välrustade med hur de kan hantera kommunikation från ledare inom PAI. Dock visar resultatet även på att försummad PAI leder till negativa resultat. / <p>One respondent opted to not take part of the study just prior to publication. This means that the uploaded version of this thesis is without one of the case firms.</p><p>En respondent valde att inte vara en del av studien precis innan publicering. Detta innebär att den uppladdade versionen av detta examensarbete är utan ett fallföretag.</p>