Mitigating risks in cross-border acquisitions

被引：41
|
作者：
Mantecon, Tomas [1 ]
机构：
[1] Univ N Texas, Coll Business, Dept Finance Insurance Real State & Law, Denton, TX 76201 USA
来源：
JOURNAL OF BANKING & FINANCE | 2009年 / 33卷 / 04期
关键词：
Cross-border acquisitions; Investment uncertainty; Joint ventures; GLOBAL DIVERSIFICATION; FOREIGN ACQUISITIONS; INDUSTRIAL DIVERSIFICATION; MARKET; INFORMATION; MERGERS; RETURNS; WEALTH; GAINS; FIRMS;
D O I：
10.1016/j.jbankfin.2008.12.001
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Compared to domestic acquisitions, cross-border acquisitions present greater challenges for buyers. This article analyzes the use of contingent payments, joint ventures, and toehold investments as potential mechanisms for reducing uncertainty in cross-border acquisitions. Toehold investments and earnout payments are associated with larger gains to buyers in domestic acquisitions, but not in cross-border acquisitions. The results indicate that joint ventures can be an effective mechanism to ameliorate the uncertainty associated with cross-border acquisitions in the presence of severe valuation uncertainties and country investment risks. (C) 2008 Elsevier B.V. All rights reserved.
引用
收藏
页码：640 / 651
页数：12
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