International alliances, mergers and acquisitions

Government of the Russian Federation Federal State Autonomous Educational Institution of Higher Education National Research University - Higher School...
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Government of the Russian Federation Federal State Autonomous Educational Institution of Higher Education National Research University - Higher School of Economics

Faculty of World Economy and International Affairs

Course Syllabus and Description

International alliances, mergers and acquisitions for Master's Program "International Business" Degree Code 38.04.02 "Management"

Author: Dr. Olga A. Klochko, [email protected], [email protected]

Advanced by the Department of World Economy

Recommended by the WEIA Faculty Methodology and studies Section Approved by the WEIA Faculty Scientific Council «___»________2015

The Program cannot be used by other departments of the University and other universities without prior permission from the Program authors' department

Moscow 2015

I.

Organizational issues and methodology The Course Syllabus sets minimal requirements for student’s knowledge and

skills and determines the content and forms of study and performance evaluation. The Syllabus is designed and suitable for the Faculty of World economy and International Affairs teaching this course, teaching assistants and students studying at the Master of International Business program, Degree code 38.04.02 "Management". The syllabus is developed according to: 

the standard educational requirements of «National Research

University «Higher School of Economics» (HSE) for the Degree code 38.04.02 in Management; 

the Master of International Business program curriculum.

The Corse “International Alliances, Mergers and Acquisitions” introduces the students to the topic of business external growth strategies placing increased emphasis upon alliances, mergers and acquisitions as the most efficient ways to increase company’s revenues and gain market share. Globalization of the world economy and enhancement of international competition made these global strategies to the most successful instruments in sustaining company’s international competitiveness and achieving high performance in a long-term period. The main purpose of “International Alliances, Mergers and Acquisitions” is to equip students with the core concepts, framework, and technics of managing company’s international business growth through cooperation, takeover and merging. Following objectives are set to achieve the Course purpose: 

Study the role of international alliances, mergers and acquisitions in

contemporary international business 

Compare international alliances, mergers and acquisitions with other ways of

company’s growth 

Understand the main features and types of international alliances



Explore the firm’s motivation and goals of entering an alliance with an

international partner 

Explore advantages and disadvantages of different partnerships



Learn the general principles of managing an international alliance



Understand the main characteristics and types of mergers and acquisitions



Obtain insights into mergers and acquisitions trends and history



Study the theoretical issues on mergers and acquisitions



Learn basic company valuation methods and techniques



Understand M&A deal process (deal structuring, due diligence, negotiations)



Study takeover strategies and defensive strategies in takeovers

The Methods of teaching. The studying process is based on following methods and forms of teaching: lectures, case-studies, discussions, research projects, presentations, self-study, guest lectures (from the academic sphere and business community), test and final exam. Class attendance and preparation of the class material is obligatory. Lecture classes will consist of a lecture by the instructor including discussions of the class material. The lectures are designed to help students to understand the main concepts of the Course. The tutorials provide illustrations of the frameworks taught during the lectures. They are interactive and are aimed at enhancing the obtaining skills. Students should be prepared to contribute to the discussion. As the aim of this elective is to develop a thorough understanding of issues relating international alliances, mergers and acquisitions, the case studies at the end of each topic are used as an important learning tool. Case studies are conducted in groups (up to 3-4 students) and let students apply the knowledge gained during the course on a real situation. As a result of mastering the discipline the student should acquire following innovative competences: - Know the main theoretical foundations for establishing partnerships and M&As with a foreign partner

- Know the contemporary types and features of international alliances and cross-border M&As - Know the process of entering a partnership, merger or an acquisition with a company of another country’s origin - Know the possible pitfalls of different collaborative agreements in the international context - Know the main differences, advantages and disadvantages of the global alliances, cross-border M&As -

Be able to develop and implement successful strategies for company’s international business growth

- Be able to forecast the possible obstacles in the process of entering an international alliance, merger or an acquisition - Be able to choose a target company | companies best suitable for a merger, acquisition or a partnership - Be able to adjust the company’s existing international cooperation agreements and M&As to changing business realities - Acquire skills for working with sources and literature on international alliances, cross-border M&As - Acquire skills for conducting comparative analysis of alliances, M&As with other company’s international business growth options - Acquire skills for forming and managing company’s projects of entering an international alliance, merger or acquisition - Acquire skills for presenting the project results to the CEO and Board of Directors in the form of presentation. Prerequisites. Students are expected to be familiar with basics of world economy, international business management, including knowledge and understanding the principles of international corporate and business strategies as well as foreign market entry modes. Students should possess an ability to read academic books and research papers on Course topics in English.

II.

Course outline

The Course is a free elective for 2nd year students of the Master of International Business program at the Faculty of World Economy and International Affairs. The Course could be also recommended to the students of other master’s programs in economics and international affairs. Status: free elective course. Novelty of the Course. The main advantage of this course is an integrated comparative approach to introducing the students to the firm’s international business growth options through international strategic alliances and mergers and acquisitions (M&As). The commonly used approach is an examination of alliances and M&As in separate courses without an attempt to correlate them. Scientific novelty of the Corse is an innovative approach to understanding the nature and essentials of international alliances, M&As from a managerial point of view. Intentional novelty of the Course is based on including contemporary issues (e.g. new types of firm’s international collaboration agreements) and modern technics (e.g. cooperation with the business community) into the studying process. This course has no analogues and is not available at any other Russian university, incl. the Higher School of Economics, examined by the author. The Course is sometimes presented at the foreign universities and can be found under the same or similar name, for example, Strategic Alliances, Mergers and Acquisitions at HAAGA-HELIA University of Applied Sciences (Helsinki), Strategic Alliances, Mergers and Acquisitions in International Business at University of Economics, Prague and others.

Duration of the Course - 144 hours, including 52 hours of an auditorium block (contact hours, incl. lectures and practical training). Students’ self-work - 92 hours.

Brief contents and Distribution of hours NN

Topics

1

Part 1. Introduction. The role of international alliances, mergers and acquisitions in international business management 1.1. Introduction: Course objectives, structure, and expected outcomes 1.2. Strategic Alliances, M&A

as a way of international business growth 1.3. Strategic Alliances, M&A as a tool of international strategy implementation 1.4. Strategic Alliances, M&A as foreign market entry modes 2. 2.1. 2.2. 2.3. 2.4. 2.5. 2.6. 3. 3.1. 3.2.

Part 2. International strategic alliances Prerequisites and definitions of international alliances Theoretical foundations Types of international alliances Equity alliances Non-equity alliances Pitfalls of international alliances Part 3. Cross-border mergers and acquisitions Motives and definitions of cross-border M&A Evolution of cross-border

18

Class studies / Students’ contact hours, selfincl. study lectures practical trainings and seminars 6 2 10

1

1

-

-

6

2

1

3

6

2

1

3

5

1

-

4

50

10

10

30

1

1

-

-

10 10

2 2

2 2

6 6

10 10 9

2 2 1

2 2 2

6 6 6

48

10

8

30

9

2

1

6

10

2

2

6

Total hours

M&A (M&A waves) 3.3. Theoretical explanations for M&A clustering 3.4. Global and regional M&As trends 3.5. The M&A Deal Process 4. Part 4. Integrated comparison of international alliances and M&As as international business growth options TOTAL HOURS

10

2

2

6

9

2

1

6

10 28

2 2

2 4

6 22

144

28

24

92

III.

Course description and List of readings

Part 1 “Introduction” is dedicated to the role the international alliances, cross-border mergers and acquisitions play in contemporary international business management. This section is divided into four topics: Topic 1.1. “Course objectives, structure, and expected outcomes” includes lecturer self-presentation, introduction to the Course’s essentials, presentation of its structure and discussion with the students planned and desired outcomes. Topic 1.2. “Strategic Alliances, M&A as a way of international business growth” provides the students with the information of general business growth ways (internal and external growth) and typical business growth options (organic, inorganic, or by external means). On this stage definitions of international alliances, M&A are to be given and their place in ensuring business growth, incl. global business growth is a subject of discussion. Topic 1.3. “Strategic Alliances, M&A as a tool of international strategy implementation” introduces the students to the role alliances, M&A play in company’s international or global strategy realization. Company’s international strategy is regarded at three major levels – corporate, business and functional whereby the relevance and importance of alliances, M&A in implementation of company’s various long-term decisions is shown. Due to the role M&A and alliances play in company’s future, they are often seen in a literature on international business management not just as tools but as crucial corporate strategies. Topic 1.4. “Strategic Alliances, M&A as foreign market entry modes” regards alliances, M&A from one more perspective that is crucial for international business success. In this section of the Course three ways the company’s goods and services can reach a foreign customer are to be examined: home country production and export activities, host country production in firm-owned factories (FDI), host country production performed by others or in cooperation with other.

While M&A represent one of the ways to execute the second type of foreign market entry modes international alliances correlate with the third type, i.e. cooperation and collaboration with foreign partners. Part 1 Main readings: 

Griffin R.W., Pustay M.W. International business: A managerial

perspective. New Jersey: Pearson, 2013. Chapter 12 “Strategies for Analyzing and Entering Foreign Markets”, Chapter 11 “International Strategic Management”, Chapter 14 “Global strategies and the multinational corporation” 

Gupta M. Contemporary Issues in Mergers and Acquisitions. Mumbai:

Himalaya Publishing House. 2010. Chapter 1 “Introduction” 

Jandik T., Kali R. Legal Systems, Information Asymmetry, and Firm

Boundaries: Cross-Border Choices to Diversify through Mergers, Joint Ventures, or Strategic Alliances // Journal of International Business Studies. 2009. Vol. 40, No. 4. P. 578-599 

Ching-Sung W., Zhi-Sheng H. International Strategy Alliance: Macro-

Institutional Environment Perspective // The Journal of Global Business Management. 2013. V9. No1. P. 35-43. 

Cullen J.B., Parboteeah K.P. International business: Strategy and the

Multinational Company. N.Y.: Routledge. 2009. Part 1 “Introduction to International Business”, Topic 2 “ Strategy and the MNC” 

Selected notes, cases and articles distributed in class



Instructor’s presentation

Part 1 Supplementary readings: 

Culpan R. Global business alliances: theory and practice. USA:

Greenwood Press, 2002. Part 3 “International business strategy and alliances 

Grant R. Contemporary strategy analysis. UK: Blackwell Publishing,

2013. Chapter 14 “Global strategies and the multinational corporation” 

Arino A., Ghemawat P. Creating value through international strategy.

Hampshire: Palgrave Macmillan, 2004. P. 286

Part 2 “International strategic alliances” includes detailed examination of the nature, reasons, types as well as theoretical foundations of international alliances. It introduces the students to the principles of entering, establishing and managing a strategic partnership with a foreign company. This section includes following topics: Topic 2.1. “Prerequisites and definitions of international alliances” provides the students with a brief overview of the main reasons and tendencies responsible for emergence of different types of partnerships and collaborations on the international scene. Another issue to be studied here is analysis of multifold definitions economists from different countries and economic schools give international alliances. As a result the most appropriate to nowadays international business realities definition will be chosen for the Course purposes. Topic 2.2 “Theoretical foundations” deals with the theories in which the theoretical underpinnings of collaborative firm behavior can be found: transaction cost theory, internalization theory, industrial organization model, game theory, recourse based view, organizational learning and knowledge. Due to the absence of one of two theories that can completely explain the nature of international alliances, all theories listed above are a subject for detailed discussion in the class. Topic 2.3. “Types of international alliances” provides the students with the understanding of different approaches to international alliances classification. To get the most comprehensive view on different types of alliances they are studied in a framework of a decision making process. The process suggests that there are five essential components of building an inter-firm collaboration: partner selection, entry mode, mode of cooperation, value chain activity and outcome. Topic 2.4. “Equity alliances” is aimed at detailed examination of two types of alliances: joint ventures that represent the most traditional type of international strategic alliances and equity participation alliances. Goals and types of international joint ventures are explored as well as different stages of entering an international JV are presented, i.e. initial stage, formation stage, operation stage,

outcome stage. Equity participations as a special type of international equity alliances is studies afterwards. Topic 2.5. “Non-equity alliances” deals with the alliances that are formed by companies from different countries without any equity ownership: licensing, franchising, management contracts, turn-key operations, subcontracting, buyer coalitions, supplier partnership, R&D partnership, marketing agreements, technology partnership, and joint production. The list of non-equity alliances is not all-inclusive. New forms of them arise given increasingly changing market conditions, technological advancements, and creative new arrangements by firms. Due to these tendencies the examination of these types of alliances and understanding their distinctions from traditional contractual agreements is of the highest importance for future international managers. Topic 2.6. “Pitfalls of international alliances”, On this stage students are introduced to the limitations and pitfalls that may occur regardless of the of the care and deliberation a firm puts into constructing a strategic alliance with a foreign partner. Five fundamental sources of problems are discussed in detail: incompatibility of partners, access to information, conflicts over distributing earnings, loss of autonomy, and changing circumstances. Part 2 Main readings: 

Griffin R.W., Pustay M.W. International business: A managerial

perspective. New Jersey: Pearson, 2013. Chapter 13 “International Strategic Alliances” 

Culpan R. Global business alliances: theory and practice. USA:

Greenwood Press, 2002. Part 1 “Competition and cooperation”, Part 2 “Theoretical foundations”, Part 3 “International business strategies and alliances”, Part 4 “Equity alliances” ,Part 5 “Non-Equity alliances” 

Lipman F. D. International Strategic Alliances: Joint Ventures

Between Asian And U.S. Companies. UK: World Scientific Publishing, 2013. Part 1 “Cross-Border Strategic Alliances”



Aguilera R.V. Translating Theoretical Logics across Borders:

Organizational Characteristics, Structural Mechanisms and Contextual Factors in International Alliances // Journal of International Business Studies. 2007. Vol. 38, No. 1. P. 38-46 

Selected notes, cases and articles distributed in class



Instructor’s presentation

Part 2 Supplementary readings 

Robinson D. T. Strategic Alliances and the Boundaries of the Firm //

The Review of Financial Studies. Vol. 21, No. 2. P. 649-681 

Gutterman A. A Short Course in International Joint Ventures. Novato.

CA, USA: World Trade Press 

Das T.K., Rahman N. Determinants of Partner Opportunism in

Strategic Alliances: A Conceptual Framework // Journal of Business and Psychology. 2010. Vol. 25, No. 1. P. 55-74 

Tallman J.C. Strategies of Cooperation : Managing Alliances,

Networks, and Joint Ventures. UK: Oxford University Press, 2005. P. 470 

Haak R. Theory and Management of Collective Strategies in

International Business: The Impact of Globalization on Japanese-German Business Collaboration in Asia. USA: Palgrave Macmillan, 2004. P. 223 

Internet resources on the topic (selected Internet sites are given in the

PartV of the Course Syllabus “Reading and Materials” Part 3 “Cross-border mergers and acquisitions” equips the students with knowledge needed to understand the history and nature of cross-border M&A deals as well as basic managerial, financial and legal aspects in this field. Topic 3.1. “Prerequisites and definitions of cross-border M&A” provides the students with an overview of definitions and types of mergers and acquisitions. On this stage general motives that move companies to conclude M&A deals are examined as well, i.e. economy of scale, economy of scope, increased market share, diversification, hiring, resource transfer ect.

Topic 3.2. “Evolution of cross-border M&A (M&A waves)” introduces the students to the history of M&A development. It is commonly accepted that there have been six waves of major merger and acquisition activity. Each wave is regarded in the context of motives that drove companies to enlarge business and international operations. Topic 3.3. “Theoretical explanations for M&A clustering” delivers the brief overview of the different theoretical schools and approaches that appeared worldwide to explain the nature of mergers and acquisitions. Neoclassical models, hubris, herding, and agency problem models, market timing models and some other approaches should be examined in detail. Topic 3.4. Global and regional M&As trends is aimed at equipping the students with the practical knowledge and analytical skills necessary to take longterm decisions on conducting cross-border M&A deals. The knowledge of recent trends in M&As inflows and outflows geographical and sectorial / industrial distribution is critical for future international managers. Topic 3.5. “The M&A Deal Process” offers a discussion on sources of financing and means of payments and cultural due diligence. Negotiation process is studied afterwards. Later in this section the post-acquisition planning and integration process is a subject for discussion. Part 3 Main Readings: 

Gregoriou G.N. Renneboog L. International Mergers and Acquisitions

Activity Since 1990 Recent Research and Quantitative Analysis. Burlington, MA, US: Academic Press, 2007. Chapter 1 “Understanding mergers and acquisitions: activity since 1990”, Chapter 2 

Baker, H. Kent. Art of Corporate Restructuring : Creating Shareholder

Value Through Mergers and Acquisitions. USA: Wiley, 2011. 602 p. 

Sherman A.J. Mergers and Acquisitions from A to Z (3rd Edition).

USA: AMACOM Books, 2010. P.337



Finkelstein S.C.C.. Advances in Mergers and Acquisitions, Volume 9:

Advances in Mergers and Acquisitions. GBR: Emerald Group Publishing Ltd, 2010. 225. 

World Investment Report 2013. N.Y.: UNCTAD, 2014



Selected notes, cases and articles distributed in class



Instructor’s presentation

Part 3 Suuplementary Readings: 

Gaughan P.A. Mergers, Acquisitions, and Corporate Restructurings

(5th Edition). USA: Wiley, 2010. P. 675 

EREL I., LIAO R., WEISBACH M. Determinants of Cross-Border

Mergers and Acquisitions // The Journal of Finance. 2012. Vol. 67, No. 3. pp. 1045-1082 

Klimek A. Greenfield Foreign Direct Investment Versus Cross-Border

Mergers and Acquisitions: The Evidence of Multinational Firms from Emerging Countries // Eastern European Economics. 2011. Vol. 49, No. 6. pp. 60-73 

Huizinga H.P., Voget J. International Taxation and the Direction and

Volume of Cross-Border M&As // The Journal of Finance. 2009. Vol. 64, No. 3. pp. 1217-1249 

Bertrand O. Mucchielli J. Zitouna H. Location Choices of

Multinational Firms: The Case of Mergers and Acquisitions// Journal of Economic Integration. 2007. Vol. 22, No. 1. pp. 181-209 

Reuer J. Ragozzino R. The Choice Between Joint Ventures and

Acquisitions: Insights from Signaling Theory // Organization Science. 2012. Vol. 23, No. 4. pp. 1175-1190 

Internet resources on the topic (selected Internet sites are given in the

PartV of the Course Syllabus “Reading and Materials”

Part 4. Integrated comparison of international alliances and M&As as international business growth options is aimed at developing practical skills that students will need in their future career and daily activities. With the help of casestudy method, guest lecturers and other forms of cooperation with business community the knowledge that the students get in the Parts 1-3 will be systematized, integrated, practically supported. As a result the following learning outcome is expected:  ability to make strategic decisions to ensure company’s growth, select and implement the most effective external growth strategies, improve company’s global performance by taking timely measures while managing an international alliance, merger or a takeover. The successful study of the course will also enable students to improve their general skills of oral presentations and the ability to participate in a discussion on a given topic in English. Part 4 Main readings:  selected notes, cases, articles distributed in class  instructor’s presentation  guest speakers’ presentations and materials  Internet resources on the topic (selected Internet sites are given in the PartV of the Course Syllabus “Reading and Materials”

Topics for current assessment (home assignments): 1. Analysis of the relative advantages and disadvantages of a given global alliance (e.g. GM and Peugeot, Renault and Nissan, Coca-Cola and Monster) 2. Identification of the main reasons and logic behind the firm’s engagement in an international alliance(for a given real-life example) 3. Definition of a strategic alliance type for a given real-life example 4. Assessment of a given international alliance outcome (real-life example) 5. Analysis of firm’s engagement in international alliances in a given industry (e.g. airline industry, world automotive sector, food processing, semiconductors, financial services and others.)

6. A Case-study on the Disney Company and its offshore theme part operations. 7. Comparative analysis of the relative advantages and disadvantages of a given MNC alliances and M&As (MNC is to be selected by a student) 8. Determination of the main features of cross-border M&As in a particular Russian industry (selected by a student) 9. Analysis of the relative advantages and disadvantages of a given crossborder M&A deal (real-life example) 10.A Case-study on the Heineken NV and its foreign market entry strategies with the particular emphasis of M&As

Questions for Final Assessment 1. Describe the main business growth options. Which of refer to growth through M&As and international alliances? 2. What international strategies do you know? What kind of a company’s international strategy do alliances and M&As represent? 3. Give a definition of a vertical strategic alliance. What other types of international strategic alliances do you know? 4. Describe the most important motives for cross-border M&A. Which of them are the most important drivers nowadays? 5. Give a definition of a cross-border acquisition. What is the main difference between an acquisition and a merger? 6. What are the general benefits of entering an international alliance? Give some real-life examples. 7. What is a hostile takeover and when did it first appear (wave, time period)? 8. Describe the main M&As waves. What common features could you find in all of them? 9. What does an equity alliance mean? What types of equity alliances do you know?

10.What are the potential pitfalls of international alliances? Which of them are the most dangerous nowadays? 11.What are the four common types of functional alliances? Briefly explain each 12.What factors should be considered in selecting a target company for a crossborder M&A? 13.What are the basic ways of managing a strategic alliance with a foreign partner? 14.What is a due diligence? What sectors does due diligence include? Briefly describe them. 15.What are the main theoretical explanations for M&As clustering? 16.What types of M&As do you know? What did a co-generic mergers first appear? 17.What types of M&As were the most popular during the first and the second M&A waves? Explain your answer 18.What is an LBO transaction and when did it first appear? 19.What impact do cultural differences have on implementation of international alliances, M&As? 20.What are the main issues in the post-acquisition process?

IV.

Grade determination

The current assessment is based on assessment of two home assignments:  a home assignment to be done individually and presented in the class in a form of a presentation (3 charts for a 5 minutes report)  a real-life case study to be solved in groups of max. 4 people with the presentation of its results in the class (7-10 charts for a 10-15 minutes presentation) The final grade is based on class participation (20%), current assessment written home assignments and presentation of case study results (40%), and final

exam (40%). 20% class participation is based on participation in class discussions (10%), and attendance (10%). The exam is held in class in the form of a test written (on the HSE’s Learning Management System LMS basis).

V. 1.

Reading and Materials

Arino A., Ghemawat P. Creating value through international strategy. Hampshire: Palgrave Macmillan, 2004. P. 286

2.

Baker, H. Kent. Art of Corporate Restructuring : Creating Shareholder Value Through Mergers and Acquisitions. USA: Wiley, 2011. 602 p.

3.

Cullen J.B., Parboteeah K.P. International business: Strategy and the Multinational Company. N.Y.: Routledge. 2009. 529 p.

4.

Culpan R. Global business alliances: theory and practice. USA: Greenwood Press, 2002. 240 p

5.

Finkelstein S.C.C.. Advances in Mergers and Acquisitions, Volume 9: Advances in Mergers and Acquisitions. GBR: Emerald Group Publishing Ltd, 2010. 225 p.

6.

Gaughan P.A. Mergers, Acquisitions, and Corporate Restructurings (5th Edition). USA: Wiley, 2010. P. 675

7.

Gerybadze, A. Strategic alliances and process redesign: effective management and restructuring of cooperative projects and networks. B. N.Y.: de Gruyter, 2011. 328p.

8.

Gregoriou G.N. Renneboog L. International Mergers and Acquisitions Activity Since 1990 Recent Research and Quantitative Analysis. Burlington, MA, US: Academic Press, 2007. 321 p.

9.

Griffin R.W., Pustay M.W. International business: A managerial perspective. New Jersey: Pearson, 2013. 570 p.

10. Grant R. Contemporary strategy analysis. UK: Blackwell Publishing, 2013. 480 p. 11. Gupta M. Contemporary Issues in Mergers and Acquisitions. Mumbai: Himalaya Publishing House. 2010. 236 p.

12. Gutterman A. A Short Course in International Joint Ventures. Novato. CA, USA: World Trade Press. 192 p. 13. Haak R. Theory and Management of Collective Strategies in International Business: The Impact of Globalization on Japanese-German Business Collaboration in Asia. USA: Palgrave Macmillan, 2004. P. 223 14. Lipman F. D. International Strategic Alliances: Joint Ventures Between Asian And U.S. Companies. UK: World Scientific Publishing, 2013. 350 p. 15. Sherman A.J. Mergers and Acquisitions from A to Z (3rd Edition). USA: AMACOM Books, 2010. P.337 16. Tallman J.C. Strategies of Cooperation : Managing Alliances, Networks, and Joint Ventures. UK: Oxford University Press, 2005. P. 470

Research papers and articles 17. Aguilera R.V. Translating Theoretical Logics across Borders: Organizational Characteristics,

Structural

Mechanisms

and

Contextual

Factors

in

International Alliances // Journal of International Business Studies. 2007. Vol. 38, No. 1. P. 38-46 18. Bertrand O. Mucchielli J. Zitouna H. Location Choices of Multinational Firms: The Case of Mergers and Acquisitions//

Journal of Economic

Integration. 2007. Vol. 22, No. 1. pp. 181-209 19. Ching-Sung W., Zhi-Sheng H. International Strategy Alliance: MacroInstitutional Environment Perspective // The Journal of Global Business Management. 2013. V9. No1. P. 35-43 20. Das T.K., Rahman N. Determinants of Partner Opportunism in Strategic Alliances: A Conceptual Framework // Journal of Business and Psychology. 2010. Vol. 25, No. 1. P. 55-74 21. EREL I., LIAO R., WEISBACH M. Determinants of Cross-Border Mergers and Acquisitions // The Journal of Finance. 2012. Vol. 67, No. 3. pp. 10451082

22. Jandik T., Kali R. Legal Systems, Information Asymmetry, and Firm Boundaries: Cross-Border Choices to Diversify through Mergers, Joint Ventures, or Strategic Alliances // Journal of International Business Studies. 2009. Vol. 40, No. 4. P. 578-599 23. Huizinga H.P., Voget J. International Taxation and the Direction and Volume of Cross-Border M&As // The Journal of Finance. 2009. Vol. 64, No. 3. pp. 1217-1249 24. Klimek A. Greenfield Foreign Direct Investment Versus Cross-Border Mergers and Acquisitions: The Evidence of Multinational Firms from Emerging Countries // Eastern European Economics. 2011. Vol. 49, No. 6. pp. 60-73 25. Reuer J. Ragozzino R. The Choice Between Joint Ventures and Acquisitions: Insights from Signaling Theory // Organization Science. 2012. Vol. 23, No. 4. pp. 1175-1190 26. Robinson D. T. Strategic Alliances and the Boundaries of the Firm // The Review of Financial Studies. Vol. 21, No. 2. P. 649-681 27. World Investment Report 2013. N.Y.: UNCTAD, 2014

Selected Internet sites 28. http://mergermarket.com 29. http://money.cnn.com/data/markets/ - Merger and acquisition news – CNNMoney 30. http://www.reuters.com/finance/deals/mergers

- M&A - Mergers and

Acquisitions News, M&A Deals and Transactions | Reuters.com 31. http://www.guardian.co.uk/business/mergers-and-acquisitions - The Guardian 32. http://www.strategic-alliances.org/ - The Association of Strategic Alliance Professionals 33. http://www.themanager.org/index.html