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Three Essays on Empirical Corporate Finance.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	Three Essays on Empirical Corporate Finance./
Author:	Jia, Xiao.
Description:	1 online resource (180 pages)
Notes:	Source: Dissertations Abstracts International, Volume: 81-11, Section: A.
Contained By:	Dissertations Abstracts International81-11A.
Subject:	Finance. -
Online resource:	click for full text (PQDT)
ISBN:	9798641903620

Three Essays on Empirical Corporate Finance.
Jia, Xiao.

Three Essays on Empirical Corporate Finance. - 1 online resource (180 pages)

Source: Dissertations Abstracts International, Volume: 81-11, Section: A.

Thesis (Ph.D.)--ESSEC Business School (France), 2019.

Includes bibliographical references

In the seven decades of the post-Second World War era, the last wave of globalization has greatly improved the cross-border trade and financial openness. Multinational enterprises ("MNEs") and their foreign affiliates produce 33% of global output, and are responsible for more than half of the world exports, according to an OECD report1. Firms engage in international expansion for various reasons, such as market power consideration (Neary, 2007), access to natural resources and specific financial and tax legislation (Erel, Liao, and Weisbach, 2012). The transactions optimize the production and sales process by allocating each stage in the country with the highest efficiency. The firms' motives to expand overseas change over time. In the recent two decades, more and more deals involve technological motives. For instance, in 2016 over 52% of the cross-border M&As involved innovative firms2, and the total transaction value exceeds 121 billion USD. The world also witnesses the rise of the new multinationals from the emerging market. These acquirers usually have strategic aims, such as seeking technological know-how from the developed market. However, it is still questionable whether these acquirers really benefit from deals aiming at technology, and how to identify the value-creating deals. Another important trend is the increasing presence of private equity funds ("PEs") in cross-border transactions. During 1998 to 2010, more than 8% of all cross-border acquisitions took place were by PEs. A common thread of the three chapters addresses the abovementioned trends and focuses on the internationalization decisions of both firms and PEs. I try to explore how technology transfer motivations, cultural distance, corporate governance, and countrylevel characteristics affect the choice and performance of these international investments. Some of the research questions I tackle are: does the aim of technology transfer affect the decision of cross-border M&As? How do emerging-market acquirers create value in the international mergers? How would cultural, geographical distance and institutional distance affect the performance of cross-border M&As and the performance of international investments made by PEs?

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2024

Mode of access: World Wide Web

ISBN: 9798641903620Subjects--Topical Terms:

559073
Finance.
Subjects--Index Terms:

Empirical corporate financeIndex Terms--Genre/Form:

554714
Electronic books.

Three Essays on Empirical Corporate Finance.
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504 $a Includes bibliographical references
520 $a In the seven decades of the post-Second World War era, the last wave of globalization has greatly improved the cross-border trade and financial openness. Multinational enterprises ("MNEs") and their foreign affiliates produce 33% of global output, and are responsible for more than half of the world exports, according to an OECD report1. Firms engage in international expansion for various reasons, such as market power consideration (Neary, 2007), access to natural resources and specific financial and tax legislation (Erel, Liao, and Weisbach, 2012). The transactions optimize the production and sales process by allocating each stage in the country with the highest efficiency. The firms' motives to expand overseas change over time. In the recent two decades, more and more deals involve technological motives. For instance, in 2016 over 52% of the cross-border M&As involved innovative firms2, and the total transaction value exceeds 121 billion USD. The world also witnesses the rise of the new multinationals from the emerging market. These acquirers usually have strategic aims, such as seeking technological know-how from the developed market. However, it is still questionable whether these acquirers really benefit from deals aiming at technology, and how to identify the value-creating deals. Another important trend is the increasing presence of private equity funds ("PEs") in cross-border transactions. During 1998 to 2010, more than 8% of all cross-border acquisitions took place were by PEs. A common thread of the three chapters addresses the abovementioned trends and focuses on the internationalization decisions of both firms and PEs. I try to explore how technology transfer motivations, cultural distance, corporate governance, and countrylevel characteristics affect the choice and performance of these international investments. Some of the research questions I tackle are: does the aim of technology transfer affect the decision of cross-border M&As? How do emerging-market acquirers create value in the international mergers? How would cultural, geographical distance and institutional distance affect the performance of cross-border M&As and the performance of international investments made by PEs?
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