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The performance of cross-border acquisitions targeting African firms

机译:跨境收购对目标非洲公司的表现

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摘要

This paper examines the performance of cross-border acquisitions (CBAs) of funs domiciled in Africa. We examine 503 deals involving firms from 23 developed and 20 emerging countries, acquiring targets in 33 African countries. We find that, on aggregate, Africa bound CBAs significantly underperform, and that emerging economy acquirers outperform their developed economy counterparts. Further, significant variations in deal performance is documented when the target firms are categorised according to the level of development of African financial markets, industries, and to some extent, economic blocs. The results are robust to various firm, industry, deal and country specific characteristics.
机译:本文介绍了非洲居住在非洲居住的跨境收购(CBA)的表现。我们研究了503名涉及23个发达国家和20个新兴国家的公司的交易,收购了33个非洲国家的目标。我们发现,在总,非洲的CBA明显表现明显低下,而新兴经济性收购者优于其发达的经济同行。此外,当目标公司根据非洲金融市场,行业的发展和某种程度的经济集团进行分类时,记录了交易业绩的显着变化。结果对各种公司,行业,交易和国家特定特征具有强大。

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