Roma Victor: Europe's First Serial Acquirer

2017 ◽  
Author(s):  
L. Jay Bourgeois ◽  
Henning Hoeber
Keyword(s):  
Serial Acquirer

Inorganic growth of technology sector firms in emerging markets

2015 ◽  
Vol 10 (1) ◽  
pp. 52-72 ◽  
Author(s):  
Arindam Das ◽  
Sheeba Kapil
Keyword(s):  
Emerging Economies ◽  
Emerging Market ◽  
Content Type ◽  
Developed Economies ◽  
Technology Sector ◽  
Technology Firms ◽  
Specific Factors ◽  
Opening Up ◽  
Serial Acquirer

Purpose – Emerging economies and technology firms in these economies have witnessed significant increase in mergers and acquisitions (M&A) activities in recent years. The purpose of this paper is to conduct an empirical research on Indian technology firms and analyze the influence of firm-specific factors on firms’ M&A decisions. Design/methodology/approach – A set of 372 Indian firms in the technology sector have been studied for the period 2001-2011, a decade when this sector has seen maximum number of M&A transactions. Findings – The results show that financially strong, low-debt firms with high market capitalization are the typical acquirers in this segment and they tend to be serial acquirer too. Originality/value – Contrary to established findings in developed economies, the authors find that Indian technology firms’ acquisition decisions are not associated with their R&D activities, opening up scope for investigations on role of technology assets in emerging market firms’ acquisition decisions.

scholarly journals When Good Things Turn Bad: Evidence from G-7 Serial Acquirer Bidding

2020 ◽  
Vol 16 (2) ◽  
pp. 145-177
Author(s):  
Ibrahim Yousef
Keyword(s):  
Mergers And Acquisitions ◽  
Firm Value ◽  
Abnormal Returns ◽  
Shareholder Wealth ◽  
Bivariate Analysis ◽  
Payment Method ◽  
Average Abnormal Return ◽  
Industry Diversification ◽  
The Impact ◽  
Serial Acquirer

This study investigates the impact of acquirer bidding experience on acquiring abnormal returns based on empirical evidence from a large sample of 10,880 bidders making 23,852 deals from G-7 countries. Both event study and regressions analysis have been used to examine the impact of acquirer bidding experience on acquirer returns. The findings show that “single acquirers” achieve higher returns, with a cumulative average abnormal return (CAAR) of 3.354%, but this number tends to decrease with increasing numbers of previous bids. In addition, the results of the bivariate analysis demonstrate that a single acquisition alone generates greater abnormal returns than those which are part of a series of acquisitions, with very robust results even after accounting for additional heterogeneity in payment method, target status and country/industry diversification. The findings of the multivariate analysis also confirm that serial acquirers are associated with significantly lower abnormal returns. This evidence conflicts with the notion that more experience with mergers and acquisitions (M&As) will correspond to improve target valuation and thus lead to more profitable agreements. In contrast, my findings imply that shareholder wealth is destroyed by serial acquirers, which suggests that the goal of maximising firm value is not always the sole motivation for engaging in M&A activities.

Determinants of acquisitions in Chinese technology firms: an empirical investigation

2016 ◽  
Vol 8 (2) ◽  
pp. 127-142 ◽  
Author(s):  
Arindam Das ◽  
sheeba kapil
Keyword(s):  
Emerging Market ◽  
Mainland China ◽  
Content Type ◽  
Developed Economies ◽  
Technology Firms ◽  
Data Regression ◽  
Specific Factors ◽  
Merger And Acquisitions ◽  
Serial Acquirer

Purpose – Globalization, increasing intensity of competition and access to capital markets have enabled emerging market firms to explore inorganic growth through merger and acquisitions (M & A) over the past two decades. The purpose of this paper is to analyze the role of firm-specific factors on M & A propensity in Chinese technology firms. Design/methodology/approach – The authors analyze data on 152 firms from Mainland China, Hong Kong and Taiwan over a period of 2001-2011 using logistic and count data regression. Findings – The authors find that the factors that influence M & As in these firms differ from the established factors found in M & A in developed economies. Large, low-debt firms have higher acquisition propensity irrespective of their technological strength and they tend to be serial acquirer too. Originality/value – The findings provide new insights into inorganic growth behavior of emerging market technology firms and indicate presence of both exploitative and exploratory motives.

scholarly journals Serial acquirer bidding: An empirical test of the learning hypothesis

2011 ◽  
Vol 17 (1) ◽  
pp. 18-32 ◽  
Author(s):  
Nihat Aktas ◽  
Eric de Bodt ◽  
Richard Roll
Keyword(s):  
Empirical Test ◽  
Learning Hypothesis ◽  
Serial Acquirer
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