کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5083741 1477815 2013 14 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Determinants of target selection and acquirer returns: Evidence from cross-border acquisitions
ترجمه فارسی عنوان
تعیین کننده های هدف انتخاب و خریدار بازده: شواهد حاصل از خرید بین المللی
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
چکیده انگلیسی

We examine cross-border acquisitions of private and public targets by U.S. firms by employing self selection models. We are particularly interested in the roles of country-level liquidity and transparency in cross-border acquisitions. Our results show that a typical acquisition deal of a private target is smaller in size, uses cash less frequently for payment, and involves more high-tech firms than that of a public target. Most importantly, we find that acquiring firms are more likely to buy private targets in lower-transparency countries, but the level of market liquidity in the target firm countries has little effect on the target selection. Furthermore, after accounting for the endogeneity bias associated with target selection, country liquidity is no longer a key determinant of acquirer returns in cross-border acquisitions. Our results are robust to alternative specifications of dependent variable and self selection models.

► A typical deal of private target is smaller and involves more high-tech firms. ► Acquiring firms are likely to buy private targets in low transparency countries. ► The country-level liquidity has little effect on the target selection. ► Our analysis accounts for the endogeneity bias associated with target selection. ► Country liquidity is a weak determinant of acquirer returns in cross-border M&As.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: International Review of Economics & Finance - Volume 27, June 2013, Pages 552-565
نویسندگان
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