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Domestic and Cross-Border Effect of Acquisition Announcements: A Short-Term Study for Developed and Emerging Countries

Abstract Using a multi-country set of acquirers from 14 different markets, we aim to develop a global understanding of the impact of acquisition announcements on both developed and emerging-market acquirers. Our sample contains 624 acquisition announcements, with target firms located around the world, between 1997 and 2015. The results contradict the conventional wisdom that developed-market acquirers generally experience losses.