Shareholder Value Effects of Cross-Border Acquisitions Conducted by Poland’s Asseco Group

The purpose of the paper was to investigate the impact of cross-border acquisitions on shareholder value, to verify the impact of prior foreign presence for acquisition performance and to compare results of acquisitions into Eastern and Western European markets. Event method was applied for a sample of multiple acquisitions conducted by a single acquirer. While we find that cross-border acquisitions in the studied sample tend to destroy value,...