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Cross-border diversification through M&As in Latin America

机译：通过拉丁美洲的并购进行跨境多元化

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摘要

This study analyzes a database of 952 acquisitions in Latin America during the period from 1998 to 2004. Higher GDP growth correlation between the countries where the target and the bidder base their operations directly relates to higher cumulative abnormal returns for the acquiring firm. This result in the emerging markets of Latin America supports the evidence that Kiymaz and Mukherjee (2000) report in developed economies. This study also finds that the bidder benefits from buying companies located in countries whose governance environment differs significantly from that in the country where the bidder resides, even if the quality of the governance in the target country is worse than in the bidder's country. Although counterintuitive, this result is consistent with evidence that Haggendorff, Collins, and Keasey (2008) report.
机译：这项研究分析了1998年至2004年期间拉丁美洲952个并购的数据库。目标公司和竞标者基于其业务开展业务的国家之间的GDP增长相关性较高，直接关系到该收购公司的累积异常收益较高。拉美新兴市场的这一结果支持了Kiymaz和Mukherjee（2000）报告发达经济体的证据。这项研究还发现，即使目标国家的治理质量比出价者所在国家的治理质量差，出价者也可以通过购买位于治理环境与出价者所居住国家的国家有显着差异的国家的公司来受益。尽管违反直觉，但该结果与Haggendorff，Collins和Keasey（2008）报告的证据一致。

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