國立高雄大學圖資館 |

語系: 繁體中文

說明(常見問題)

圖資館首頁

登入

回首頁

切換: 標籤 | MARC模式 | ISBD

International privatization: Estima...

Schafer, Leslie E.

International privatization: Estimating the returns to United States acquirers of foreign state-owned enterprises.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	International privatization: Estimating the returns to United States acquirers of foreign state-owned enterprises.
作者:	Schafer, Leslie E.
面頁冊數:	233 p.
附註:	Adviser: Elizabeth E. Bailey.
附註:	Source: Dissertation Abstracts International, Volume: 66-06, Section: A, page: 2318.
Contained By:	Dissertation Abstracts International66-06A.
標題:	Economics, General.
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3179803
ISBN:	0542200449

International privatization: Estimating the returns to United States acquirers of foreign state-owned enterprises.
Schafer, Leslie E.

International privatization: Estimating the returns to United States acquirers of foreign state-owned enterprises. - 233 p.

Adviser: Elizabeth E. Bailey.

Thesis (Ph.D.)--University of Pennsylvania, 2005.

This dissertation estimates shareholder returns for publicly-traded U.S. firms which acquire privatized assets from foreign governments. It reveals that the magnitude of the returns depends upon decisions made by target governments and by a firm's competitors---external factors to which the acquirer must react---as well as through the firm's own strategic choices about bidding, R&D investment, and international expansion. First, the dissertation investigates whether the method employed to sell state-owned enterprises influences acquirer returns. An event study provides evidence that negotiation acquirers outperform auction participants in the stock market. Over the course of the privatization process, auction participants receive about a one percent penalty compared to their negotiating counterparts. At the mean level of market capitalization, this translates into a difference of about

ISBN: 0542200449Subjects--Topical Terms:

212429
Economics, General.

International privatization: Estimating the returns to United States acquirers of foreign state-owned enterprises.
LDR:03387nmm _2200253 _450 001 167407
005 20061005085929.5
008 090528s2005 eng d
020 $a 0542200449
035 $a 00198023
040 $a UnM $c UnM
100 0 $a Schafer, Leslie E. $3 237555
245 1 0 $a International privatization: Estimating the returns to United States acquirers of foreign state-owned enterprises.
300 $a 233 p.
500 $a Adviser: Elizabeth E. Bailey.
500 $a Source: Dissertation Abstracts International, Volume: 66-06, Section: A, page: 2318.
502 $a Thesis (Ph.D.)--University of Pennsylvania, 2005.
520 # $2 00 million in shareholder returns per deal. Second, the dissertation explores the role played by competition in privatization auctions of heterogeneous goods. Theory and recent empirical evidence suggest that winning bids in homogeneous-goods auctions are non-monotonic as a function of the number of bidders. Although the analysis is limited by sample size, there is a U-shaped pattern in acquirer privatization returns consistent with prior research. Returns are decreasing as a function of competition when there are four or fewer bidders. Then, the pattern suggests that acquirers begin to attenuate their bids. Finally, the dissertation examines acquirers' strategic choices that may influence shareholder returns. Internalization theory suggests that U.S. firms realize positive returns when they expand internationally if they own information-related intangible assets. The multinational network hypothesis suggests that international expansion is beneficial because a firm can exploit the wide variety of market imperfections and variable costs in product and factor markets. Recent empirical research finds that testing the interaction of these two theories is crucial for estimating their effects accurately. My empirical results support this contention. While abnormal returns are positively correlated with both R&D stock and multinational network size, its overall magnitude can be negative depending upon the breadth, depth, and industrial development of a firm's multinational network. $a This dissertation estimates shareholder returns for publicly-traded U.S. firms which acquire privatized assets from foreign governments. It reveals that the magnitude of the returns depends upon decisions made by target governments and by a firm's competitors---external factors to which the acquirer must react---as well as through the firm's own strategic choices about bidding, R&D investment, and international expansion. First, the dissertation investigates whether the method employed to sell state-owned enterprises influences acquirer returns. An event study provides evidence that negotiation acquirers outperform auction participants in the stock market. Over the course of the privatization process, auction participants receive about a one percent penalty compared to their negotiating counterparts. At the mean level of market capitalization, this translates into a difference of about
590 $a School code: 0175.
650 # 0 $a Economics, General. $3 212429
690 $a 0501
710 0 # $a University of Pennsylvania. $3 212781
773 0 # $g 66-06A. $t Dissertation Abstracts International
790 $a 0175
790 1 0 $a Bailey, Elizabeth E., $e advisor
791 $a Ph.D.
792 $a 2005
856 4 0 $u http://libsw.nuk.edu.tw:81/login?url=http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3179803 $z http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3179803