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The Performance Effects of Cross-Industry Mergers and Acquisitions at Firms Listed in China's Growth Enterprises Market.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	The Performance Effects of Cross-Industry Mergers and Acquisitions at Firms Listed in China's Growth Enterprises Market./
Author:	Zhou, Wei.
Description:	1 online resource (147 pages)
Notes:	Source: Dissertation Abstracts International, Volume: 79-09(E), Section: A.
Contained By:	Dissertation Abstracts International79-09A(E).
Subject:	Business administration. -
Online resource:	click for full text (PQDT)
ISBN:	9780355915884

The Performance Effects of Cross-Industry Mergers and Acquisitions at Firms Listed in China's Growth Enterprises Market.
Zhou, Wei.

The Performance Effects of Cross-Industry Mergers and Acquisitions at Firms Listed in China's Growth Enterprises Market. - 1 online resource (147 pages)

Source: Dissertation Abstracts International, Volume: 79-09(E), Section: A.

Thesis (Ph.D.)--Arizona State University, 2018.

Includes bibliographical references

This study investigates the performance effects of cross-industry mergers and acquisitions (M&A) using a sample of firms listed in China's Growth Entrepreses Market (GEM). Compared to firms listed in the Shanghai and Shenzhen Stock Exchanges, firms listed in the GEM are much smaller and tend to derive the majority of their revenues from a single industry. I first analyze the motives for firms listed in the GEM to engage in M&As and propose a set of factors that may influence their likelihood of M&A activities. Using data on 55 cross-industry M&As between January 1, 2012 and December 31, 2016, I find that investor generally responded positively in short-term, as indicated by the positive accumulated abonormal returns over the first five trading days following the announcements. Meanwhile, I found no evidence that investors benefited from cross-industry M&As in long-term over three years after the event. Further analysis suggests that the short-term effects of cross-industry M&As by GEM listed firms were influenced by the target firm's market valuation, whether the M&A was paid by cash, the amount of the payment, and the degree of difference between the acquiring firm's and the target firm's industries. These findings have important implications for the investors and senior executives of firms listed in the GEM.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2018

Mode of access: World Wide Web

ISBN: 9780355915884Subjects--Topical Terms:

1148568
Business administration.
Index Terms--Genre/Form:

554714
Electronic books.

The Performance Effects of Cross-Industry Mergers and Acquisitions at Firms Listed in China's Growth Enterprises Market.
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245 1 4 $a The Performance Effects of Cross-Industry Mergers and Acquisitions at Firms Listed in China's Growth Enterprises Market.
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500 $a Source: Dissertation Abstracts International, Volume: 79-09(E), Section: A.
500 $a Advisers: Wei Shen; Xiaoyun Yu.
502 $a Thesis (Ph.D.)--Arizona State University, 2018.
504 $a Includes bibliographical references
520 $a This study investigates the performance effects of cross-industry mergers and acquisitions (M&A) using a sample of firms listed in China's Growth Entrepreses Market (GEM). Compared to firms listed in the Shanghai and Shenzhen Stock Exchanges, firms listed in the GEM are much smaller and tend to derive the majority of their revenues from a single industry. I first analyze the motives for firms listed in the GEM to engage in M&As and propose a set of factors that may influence their likelihood of M&A activities. Using data on 55 cross-industry M&As between January 1, 2012 and December 31, 2016, I find that investor generally responded positively in short-term, as indicated by the positive accumulated abonormal returns over the first five trading days following the announcements. Meanwhile, I found no evidence that investors benefited from cross-industry M&As in long-term over three years after the event. Further analysis suggests that the short-term effects of cross-industry M&As by GEM listed firms were influenced by the target firm's market valuation, whether the M&A was paid by cash, the amount of the payment, and the degree of difference between the acquiring firm's and the target firm's industries. These findings have important implications for the investors and senior executives of firms listed in the GEM.
533 $a Electronic reproduction. $b Ann Arbor, Mich. : $c ProQuest, $d 2018
538 $a Mode of access: World Wide Web
650 4 $a Business administration. $3 1148568
650 4 $a Asian studies. $3 1179577
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690 $a 0342
710 2 $a ProQuest Information and Learning Co. $3 1178819
710 2 $a Arizona State University. $b Business Administration. $3 1179476
773 0 $t Dissertation Abstracts International $g 79-09A(E).
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10792277 $z click for full text (PQDT)