The Value of Control in Emerging Markets
研究发现发达国家跨国公司收购新兴市场公司多数股权时，其股价在三天内平均上涨1.16%，且涨幅在新兴市场合同环境越弱、资产越无形的行业越显著。
When a developed-country multinational firm acquires majority control of a firm in an emerging market, there is an economically large and statistically significant increase in the acquiring firm's stock price. In 1986--2006, developed-market acquirers experienced positive and significant abnormal returns of 1.16%, on average, over a three-day event window. Positive acquirer returns and dollar value gains appear unique to emerging-market mergers and acquisitions and are not replicated when the same developed-market acquirers take over firms in developed markets. The size of the stock price increase is more pronounced (a) the weaker the contracting environment in the emerging market and (b) for industries with high asset intangibility. The Author 2009. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: journals.permissions@oxfordjournals.org., Oxford University Press.