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<p>Acknowledgements ix</p> <p>General Introduction  xi</p> <p><b>Part 1. Location and Performance of Mergers and Acquisitions 1</b></p> <p>Introduction to Part 1  3</p> <p><b>Chapter 1. Characteristics and Location of Mergers and Acquisitions 5</b></p> <p>1.1. Modes of conduct of mergers and acquisitions 6</p> <p>1.1.1. The characteristics of mergers and acquisitions  6</p> <p>1.1.2. Mergers and acquisitions as modes of entry on foreign markets 18</p> <p>1.2. International development by means of mergers and acquisitions  32</p> <p>1.2.1. Geographic distance and economic growth 33</p> <p>1.2.2. Quality of institutions and cultural differences  38</p> <p>1.3. Conclusion 47</p> <p><b>Chapter 2. Analysis of the Performance of Mergers and Acquisitions 49</b></p> <p>2.1. Theoretical perspectives 50</p> <p>2.1.1. The perspective of industrial economy  50</p> <p>2.1.2. The perspectives of informational efficiency and organizational finance 57</p> <p>2.2. Performance of mergers and acquisitions 68</p> <p>2.2.1. Measuring the performance of mergers and acquisitions 68</p> <p>2.2.2. Value creation factors  77</p> <p>2.3. Conclusion 99</p> <p>Conclusion to Part 1  103</p> <p><b>Part 2. Methodology of the Empirical Study 105</b></p> <p>Introduction to Part 2  107</p> <p><b>Chapter 3. Research Methodology 109</b></p> <p>3.1. Methodological choices 109</p> <p>3.1.1. Epistemological stance  110</p> <p>3.1.2. Event studies 113</p> <p>3.2. Statistical analysis 140</p> <p>3.2.1. Simple and multiple linear regressions  140</p> <p>3.2.2. Logistic regressions 145</p> <p>3.2. Conclusion 151</p> <p><b>Chapter 4. Presentation of the Empirical Study  153</b></p> <p>4.1. The constitution of the sample  154</p> <p>4.1.1. The selection of the sample contents 154</p> <p>4.1.2. Data collection  158</p> <p>4.2. Descriptive analysis of the sample 171</p> <p>4.2.1. The main sample 171</p> <p>4.2.2. A focus on “clustered” announcements  193</p> <p>4.3. Conclusion 195</p> <p>Conclusion to Part 2  197</p> <p><b>Part 3. Location and Value Creation of Mergers and Acquisitions by French Acquirers  199</b></p> <p>Introduction to Part 3  201</p> <p><b>Chapter 5. Determinants of Location of Mergers and Acquisitions 203</b></p> <p>5.1. Geographic distance and economic growth  207</p> <p>5.1.1. The impact of geographic distance 208</p> <p>5.1.2. The role of economic growth  212</p> <p>5.2. The quality of institutions and cultural differences 216</p> <p>5.2.1. The influence of the quality of institutions  216</p> <p>5.2.4. The impact of cultural differences 220</p> <p>5.2.5. The global research model 224</p> <p>5.3. Conclusion 227</p> <p><b>Chapter 6. Determinants of Value Creation of Mergers and Acquisitions  231</b></p> <p>6.1. Value creation and acquirer focus 232</p> <p>6.1.1. The analysis of the reaction of financial markets  232</p> <p>6.1.2. Characteristics of the acquirer 244</p> <p>6.2. Target focus and operation  257</p> <p>6.2.1. Characteristics of the target 258</p> <p>6.2.2. Characteristics of the operation 277</p> <p>6.3. Conclusion 292</p> <p>Conclusion to Part 3  297</p> <p>General Conclusion 299</p> <p>Appendices  315</p> <p>Appendix 1. 317</p> <p>Appendix 2. 319</p> <p>Appendix 3. 321</p> <p>Appendix 4. 323</p> <p>Appendix 5. 325</p> <p>Appendix 6. 327</p> <p>Appendix 7. 329</p> <p>Appendix 8. 331</p> <p>Bibliography  333</p> <p>Index 363</p>

<strong>Ludivine Chalençon</strong> is Lecturer in Finance at IAE Lyon.

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