DOES THE MARKET REACT DIFFERENTLY TO DOMESTIC AND FOREIGN TAKEOVER ANNOUNCEMENTS - EVIDENCE FROM THE UNITED-STATES CHEMICAL AND RETAIL INDUSTRIES

• 成果类型: Article
• 署名作者: DEWENTER, KL
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/0304-405X(94)00795-3
• 发表日期: 1995
• 页码: 421-441
• 关键词: TAKEOVER PREMIA; Foreign acquisitions

摘要

This paper examines shareholder wealth gains from domestic and foreign takeover announcements in the U.S. chemical and retail industries. Contrary to results in several recent papers, these data indicate there is no significant difference in within industry mean takeover premia levels. There is evidence, though, that the sensitivity of takeover premia levels to standard transaction characteristics does differ across buyers: Foreign investors do pay more than domestic investors in hostile transactions, but pay less when there are rival bidders. The results indicate the market's reaction to buyer nationality is closely tied to the transaction's characteristics.