Abstract
We examine the extent to which bidders’ stock returns at acquisition announcements reflect the financing needs of the target firm. Using a sample of the United States mergers and acquisitions of a period starts in 1985 and ends in 2012, we find that bidders of financially constrained targets pay lower acquisition premiums and earn higher announcement period cumulative abnormal returns than bidders of unconstrained targets. The lower premium and positive stock market reaction are both sources of value for bidders’ shareholders. Our results contrast the findings of the literature that document an insignificant wealth transfer to bidder shareholders.
Highlights
Special Economic Zones (SEZs) have been established as a strategic instrument for promoting foreign direct investment Myachin et al (2015) in nearly 4,300 SEZs of 130 developed and developing countries in world wide
This study described the effects of SEZ on community health awareness (CHA) over the period 20172018 in Southern border area of Thailand: Sadao District Songkhla Province
All participants highlighted 4 common features that need to archive in community health awareness to SEZs
Summary
Special Economic Zones (SEZs) have been established as a strategic instrument for promoting foreign direct investment Myachin et al (2015) in nearly 4,300 SEZs of 130 developed and developing countries in world wide. As these zones are quite important instrument of socioeconomic development which are in culturally diverse locations with residents, transient, mobile and migrant populations leading to social, environmental and health risks. There are various adverse lessons which other countries should try to avoid in their pursuit of SEZ programs These are needed to be systematically assessed and effectively managed prior to SEZ for prevention of any suffer in the consequences including unbalance between industrial development and social dimensions (Asian Development Bank, 2018).
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