Part 1. Location and Performance of Mergers and Acquisitions 1

Introduction to Part 1 3

Chapter 1. Characteristics and Location of Mergers and Acquisitions 5
1.1. Modes of conduct of mergers and acquisitions 6
1.1.1. The characteristics of mergers and acquisitions 6
1.1.2. Mergers and acquisitions as modes of entry on foreign markets 18
1.2. International development by means of mergers and acquisitions 32
1.2.1. Geographic distance and economic growth 33
1.2.2. Quality of institutions and cultural differences 38
1.3. Conclusion 47

Chapter 2. Analysis of the Performance of Mergers and Acquisitions 49
2.1. Theoretical perspectives 50
2.1.1. The perspective of industrial economy 50
2.1.2. The perspectives of informational efficiency and organizational finance 57
2.2. Performance of mergers and acquisitions 68
2.2.1. Measuring the performance of mergers and acquisitions 68
2.2.2. Value creation factors 77
2.3. Conclusion 99

Part 2. Methodology of the Empirical Study 105

Introduction to Part 2 107

Chapter 3. Research Methodology 109
3.1. Methodological choices 109
3.1.1. Epistemological stance 110
3.1.2. Event studies 113
3.2. Statistical analysis 140
3.2.1. Simple and multiple linear regressions 140
3.2.2. Logistic regressions 145
3.2. Conclusion 151

Chapter 4. Presentation of the Empirical Study 153
4.1. The constitution of the sample 154
4.1.1. The selection of the sample contents 154
4.1.2. Data collection 158
4.2. Descriptive analysis of the sample 171
4.2.1. The main sample 171
4.2.2. A focus on "clustered" announcements 193
4.3. Conclusion 195

Part 3. Location and Value Creation of Mergers and Acquisitions by French Acquirers 199

Introduction to Part 3 201

Chapter 5. Determinants of Location of Mergers and Acquisitions 203
5.1. Geographic distance and economic growth 207
5.1.1. The impact of geographic distance 208
5.1.2. The role of economic growth 212
5.2. The quality of institutions and cultural differences 216
5.2.1. The influence of the quality of institutions 216
5.2.4. The impact of cultural differences 220
5.2.5. The global research model 224
5.3. Conclusion 227

Chapter 6. Determinants of Value Creation of Mergers and Acquisitions 231
6.1. Value creation and acquirer focus 232
6.1.1. The analysis of the reaction of financial markets 232
6.1.2. Characteristics of the acquirer 244
6.2. Target focus and operation 257
6.2.1. Characteristics of the target 258
6.2.2. Characteristics of the operation 277
6.3. Conclusion 292

General Conclusion 299

Appendices 315

Bibliography 333
Index 363