Submitted by Florian Otto (otto.florian@yahoo.de) on 2017-10-16T12:55:01Z
No. of bitstreams: 1
20171016_Thesis_FlorianOtto.pdf: 1580347 bytes, checksum: 52be341ade29a8adbe8f3fdaa580bb1a (MD5) / Rejected by Josineide da Silva Santos Locatelli (josineide.locatelli@fgv.br), reason: Dear Florian,
It’s necessary to correct some things in your thesis.
Page 4: The “Data de Aprovação” it’s 18/09/2017
Please, withdraw all the number of the pages before the introduction, but they need to be considered, example, if there are 9 pages before, the introduction will start with page 10.
Please, put the numbers on the right side superior of the pages on 2017-10-16T13:17:25Z (GMT) / Submitted by Florian Otto (otto.florian@yahoo.de) on 2017-10-16T13:48:22Z
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20171016_Thesis_FlorianOtto.pdf: 1585174 bytes, checksum: 4ec5b97b4ff85efef101e2ce6a293b3f (MD5) / Rejected by Josineide da Silva Santos Locatelli (josineide.locatelli@fgv.br), reason: Dear Florian,
Please, withdraw the word “title” all the pages;
The “Data da Aprovação” was 18/09/2017
on 2017-10-16T14:17:40Z (GMT) / Submitted by Florian Otto (otto.florian@yahoo.de) on 2017-10-16T14:40:24Z
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20171016_Thesis_FlorianOtto.pdf: 1584768 bytes, checksum: 7a4f7480dad4b067347eb9806339aac3 (MD5) / Rejected by Josineide da Silva Santos Locatelli (josineide.locatelli@fgv.br), reason:
Hi Florian,
Please, correct the date to 18/09/2017 on 2017-10-17T12:14:00Z (GMT) / Submitted by Florian Otto (otto.florian@yahoo.de) on 2017-10-17T13:02:53Z
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20171017_Thesis_FlorianOtto.pdf: 1586948 bytes, checksum: 5b5a180f59d4bc647e93d82ae2a6fc32 (MD5) / Approved for entry into archive by Josineide da Silva Santos Locatelli (josineide.locatelli@fgv.br) on 2017-10-17T13:07:57Z (GMT) No. of bitstreams: 1
20171017_Thesis_FlorianOtto.pdf: 1586948 bytes, checksum: 5b5a180f59d4bc647e93d82ae2a6fc32 (MD5) / Made available in DSpace on 2017-10-17T14:25:04Z (GMT). No. of bitstreams: 1
20171017_Thesis_FlorianOtto.pdf: 1586948 bytes, checksum: 5b5a180f59d4bc647e93d82ae2a6fc32 (MD5)
Previous issue date: 2017-09-18 / By using a multi-country set of acquirers from 14 different markets, this work aims to develop a global understanding of the impact of acquisition announcements on developed- and emerging-market acquirers. This paper uses an empirical event-study approach to investigate the effect of acquisition announcements on the share price of bidding firms. The sample contains 624 acquisition announcements with target firms located throughout the world between 1997 and 2015. The results contradict the conventional wisdom that developed-market acquirers generally experience losses. Both emerging-market and developed-market bidders gain significantly in the short term. Moreover, for developed-market acquirers, the announcement of cross-border acquisitions (CBAs) yields higher abnormal returns than the announcement of domestic acquisitions. On the other hand, emerging-market bidders gain from announcing domestic acquisitions, and lose substantially when publishing news about CBAs. In addition, the institutional environment is found to have an impact on acquirer returns. / Ao usar um conjunto de compradores de vários países de 14 mercados diferentes, este trabalho tem como objetivo desenvolver uma compreensão global do impacto dos anúncios de aquisição em adquirentes de mercados desenvolvidos e emergentes. Este artigo utiliza uma abordagem empírica de estudo de eventos para investigar o efeito de anúncios de aquisição sobre o preço da ação das empresas de licitação. A amostra contém 624 anúncios de aquisição com empresas alvo localizadas em todo o mundo entre 1997 e 2015. Os resultados contradizem a sabedoria convencional de que os adquirentes do mercado desenvolvido geralmente experimentam perdas. Os concorrentes dos mercados emergentes e do mercado desenvolvido ganham significativamente no curto prazo. Além disso, para os adquirentes do mercado desenvolvido, o anúncio de aquisições transfronteiriças (CBAs) produz maiores retornos anormais do que o anúncio de aquisições domésticas. Por outro lado, os concorrentes dos mercados emergentes ganham com o anúncio de aquisições domésticas e perdem substancialmente ao publicar notícias sobre CBAs. Além disso, o ambiente institucional tem impacto nos retornos dos adquirentes.
| Identifer | oai:union.ndltd.org:IBICT/oai:bibliotecadigital.fgv.br:10438/18959 |
| Date | 18 September 2017 |
| Creators | Otto, Florian |
| Contributors | Major, Maria João Martins Ferreira, Zambrana, Rafael, Escolas::EESP, Sampaio, Joelson Oliveira |
| Source Sets | IBICT Brazilian ETDs |
| Language | English |
| Detected Language | English |
| Type | info:eu-repo/semantics/publishedVersion, info:eu-repo/semantics/masterThesis |
| Source | reponame:Repositório Institucional do FGV, instname:Fundação Getulio Vargas, instacron:FGV |
| Rights | info:eu-repo/semantics/openAccess |
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