Cross-border Mergers and Acquisitions in different legal environments

被引：45
|
作者：
Feito-Ruiz, Isabel [1 ]
Menendez-Requejo, Susana [1 ]
机构：
[1] Univ Oviedo, Dept Finance, Avda Cristo S-N, E-33071 Oviedo, Spain
来源：
INTERNATIONAL REVIEW OF LAW AND ECONOMICS | 2011年 / 31卷 / 03期
关键词：
Mergers and Acquisitions (M&As); Cross-border deals; Acquiring-firm abnormal return; Legal environment; Investor protection; CORPORATE GOVERNANCE; GLOBAL DIVERSIFICATION; TOBINS-Q; INVESTOR PROTECTION; SAMPLE SELECTION; ACQUIRING FIRMS; BIDDER GAINS; PERFORMANCE; MARKET; WEALTH;
D O I：
10.1016/j.irle.2011.05.002
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
The aim of this paper is to analyze the influence of the legal and institutional environment on bidder firm returns around the announcement date of cross-border Mergers and Acquisitions (M&As). The database includes 469 M&As of European (221 cross-border and 248 domestic) listed firms, with target firms being worldwide public or private firms (40 countries), over the 2002-2006 period. Shareholders of acquiring firms place greater value on cross-border M&A announcements than on domestic ones. The stronger (weaker) the legal and institutional environment of the acquirer firm country in comparison with that of the target firm country, the more positive (negative) the effect on acquiring-firm shareholders' valuation of M&As. (C) 2011 Elsevier Inc. All rights reserved.
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页码：169 / 187
页数：19
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