moeller technique

• Cross-Border Acquisitions and Shareholder Wealth: Evidence From the Energy and Industry in Central and Eastern Europe*

We look at the wealth generated for shareholders of energy assets in Central and Eastern Europe (CEE) by the announcement of cross-border mergers or acquisitions involving a bidder from a Western industrialized country between 1995 and 2005. The impact on both the performance improvements at the firm level as well as on an industry and economic level of foreign ownership of the energy assets in CEE are discussed. The main driver behind the positive effect is the industrial relatedness in acquiring CEE energy assets, while bidder experience and the relative size of the acquired stake do not impact the results significantly.

..., technology, management and marketing techniques and expertise in an integral manner, foreign direc...1996; Eckbo/Thorburn 2000; Moeller/Schlingemann 2002). Aggarwall/Harper (2002) docume...

• Journal for East European Management Studies
• Band 15 Nr. 2, April 2010