{"id":720,"date":"2020-04-28T10:08:02","date_gmt":"2020-04-28T02:08:02","guid":{"rendered":"http:\/\/localhost:8888\/?p=720"},"modified":"2025-12-26T19:57:08","modified_gmt":"2025-12-26T11:57:08","slug":"ma-in-the-construction-industry-wealth-effects-of-diversification-into-real-estate-life-cycle-related-services","status":"publish","type":"post","link":"https:\/\/www.gssinst.org\/irer\/2020\/04\/28\/ma-in-the-construction-industry-wealth-effects-of-diversification-into-real-estate-life-cycle-related-services\/","title":{"rendered":"M&#038;A in the Construction Industry -Wealth Effects of Diversification into Real Estate Life Cycle Related Services"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"720\" class=\"elementor elementor-720\" data-elementor-settings=\"[]\">\n\t\t\t\t\t\t<div class=\"elementor-inner\">\n\t\t\t\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5a9c7cf6 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5a9c7cf6\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-28cc4d5c\" data-id=\"28cc4d5c\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4510a395 elementor-widget elementor-widget-text-editor\" data-id=\"4510a395\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\"><div class=\"article_label\">Article<\/div><p class=\"article_title\">M&amp;A in the Construction Industry -Wealth Effects of Diversification into Real Estate Life Cycle Related Services<\/p><div><p class=\"title_label_large\">Author<\/p><p class=\"title_label_large\">Start Page \/ End Page<\/p><p class=\"title_label\">Volume<\/p><p class=\"title_label\">Issue Number<\/p><p class=\"title_label\">Year<\/p><p class=\"title_label_large\">Publication<\/p><\/div><div><p><!-- Author \/ StartEndPage \/ Volume \/ IssueNumber \/ Year \/ Publication --><\/p><p class=\"title_text_large\">Nico Rottke, Dirk Schiereck, Stephan Pauser<\/p><p class=\"title_text_large\">283 \/ 310<\/p><p class=\"title_text\">14<\/p><p class=\"title_text\">3<\/p><p class=\"title_text\">2011<\/p><p class=\"title_text_large\">International Real Estate Review<\/p><\/div><div class=\"empty\">\u00a0<\/div><p class=\"abstract_label\">Abstract<\/p><p><!-- Abstract Content --><br \/>Since the late 1990s, the construction industry has undergone a change in business model, as contractors vertically expand their operations to other parts of the real estate life cycle. The question arises on whether construction companies have superior abilities as real estate service providers. We have examined the value implications of 106 large merger and acquisition (M&amp;A) transactions in the construction industry worldwide from 1986 to 2006. We inquire if a vertical expansion of the construction value chain in the real estate life cycle through M&amp;A leads to the creation of shareholder value. We find out that this is not the case. M&amp;A success is mainly determined by industry-specific size effects and common agency conflicts.<\/p><p><!-- PDF DownloadLink --><\/p><p>\u00a0<\/p><p class=\"download\"><a href=\"http:\/\/www.gssinst.org\/irer\/wp-content\/uploads\/2020\/10\/v14n3-MA-in-the-construction-industry.pdf\"><strong>View PDF -https:\/\/doi.org\/10.53383\/100143<\/strong><\/a><\/p><div class=\"empty\">\u00a0<\/div><p class=\"abstract_label\">Keywords<\/p><p><!-- Keywords --><\/p><p class=\"keywords\">Construction industry; Cross-border acquisitions; Bidder gains; Global diversification<\/p><p><a class=\"backpage\">Back to Previous Page<\/a><\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<div>\n<p class=\"title_label_large\">Author<\/p>\n<p class=\"title_label_large\">Start Page \/ End Page<\/p>\n<p class=\"title_label\">Volume<\/p>\n<p class=\"title_label\">Issue Number<\/p>\n<p class=\"title_label\">Year<\/p>\n<p class=\"title_label_large\">Publication<\/p>\n<\/div>\n<div>\n<!-- Author \/ StartEndPage \/ Volume \/ IssueNumber \/ Year \/ Publication --><\/p>\n<p class=\"title_text_large\">Nico Rottke, Dirk Schiereck, Stephan Pauser<\/p>\n<p class=\"title_text_large\"> 283 \/ 310<\/p>\n<p class=\"title_text\">14<\/p>\n<p class=\"title_text\">3<\/p>\n<p class=\"title_text\">2011<\/p>\n<p class=\"title_text_large\">International Real Estate Review<\/p>\n<\/div>\n<p class=\"abstract_label mt16\">Keywords<\/p>\n<p class=\"keywords\">Construction industry; Cross-border acquisitions; Bidder gains; Global diversification<\/p>\n<p class=\"downloadLine\"><a href=\"https:\/\/www.um.edu.mo\/fba\/irer\/papers\/past\/vol14n3_pdf\/02.pdf\">Download Entire Article.<img src=\"https:\/\/i.ibb.co\/m8rCXNQ\/download-pdf-large.png\" alt=\"download-pdf-large\" border=\"0\"> <\/a><\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"article-template.php","format":"standard","meta":[],"categories":[105,104],"tags":[],"_links":{"self":[{"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/posts\/720"}],"collection":[{"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/comments?post=720"}],"version-history":[{"count":3,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/posts\/720\/revisions"}],"predecessor-version":[{"id":4933,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/posts\/720\/revisions\/4933"}],"wp:attachment":[{"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/media?parent=720"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/categories?post=720"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/tags?post=720"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}