| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w16676 |
| 来源ID | Working Paper 16676 |
| Globalization, Governance, and the Returns to Cross-Border Acquisitions | |
| Jesse Ellis; Sara B. Moeller; Frederik P. Schlingemann; René M. Stulz | |
| 发表日期 | 2011-01-06 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | Using a sample of control cross-border acquisitions from 61 countries from 1990 to 2007, we find that acquirers from countries with better governance gain more from such acquisitions and their gains are higher when targets are from countries with worse governance. Other acquirer country characteristics are not consistently related to acquisition gains. For instance, the anti-self-dealing index of the acquirer has opposite associations with acquirer returns depending on whether the acquisition of a public firm is paid for with cash or equity. Strikingly, global effects in acquisition returns are at least as important as acquirer country effects. First, the acquirer's industry and the year of the acquisition explain more of the stock-price reaction than the country of the acquirer. Second, for acquisitions of private firms or subsidiaries, acquirers gain more when acquisition returns are high for acquirers from other countries. We find strong evidence that better alignment of interests between insiders and minority shareholders is associated with greater acquirer returns and weaker evidence that this effect mitigates the adverse impact of poor country governance. |
| 主题 | Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w16676 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/574351 |
| 推荐引用方式 GB/T 7714 | Jesse Ellis,Sara B. Moeller,Frederik P. Schlingemann,et al. Globalization, Governance, and the Returns to Cross-Border Acquisitions. 2011. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w16676.pdf（207KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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