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The value of foreign ownership

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Author(s): John Romalis

Journal: Economic and Business Review
ISSN 1580-0466

Volume: 13;
Issue: 1-2;
Start page: 107;
Date: 2011;
Original page

ABSTRACT
We use firm level data on cross-border mergers and acquisitions and share prices to explore the extent to which foreign ownership increases the profitability of firms in emerging markets. We find that cross-border ac¬quisitions add value to target firms. However, there is only weak evidence that such acquisitions add more value than purely domestic acquisitions. Further, most of this latter effect occurs when the target firm’s country is in a crisis.

Tango Jona
Tangokurs Rapperswil-Jona

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