Determinants of Cross-Border Mergers and Acquisitions

• 成果类型: Article
• 署名作者: Erel, Isil; Liao, Rose C.; Weisbach, Michael S.
• 署名单位: University System of Ohio; Ohio University; Rutgers University System; Rutgers University New Brunswick; Rutgers University Newark; Rutgers University System; Rutgers University New Brunswick
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/j.1540-6261.2012.01741.x
• 发表日期: 2012
• 页码: 1045-1082
• 关键词: FOREIGN DIRECT-INVESTMENT; corporate-control; exchange-rate; MARKET; valuation; GROWTH; drive; LAW

摘要

The vast majority of cross-border mergers involve private firms outside of the United States. We analyze a sample of 56,978 cross-border mergers between 1990 and 2007. We find that geography, the quality of accounting disclosure, and bilateral trade increase the likelihood of mergers between two countries. Valuation appears to play a role in motivating mergers: firms in countries whose stock market has increased in value, whose currency has recently appreciated, and that have a relatively high market-to-book value tend to be purchasers, while firms from weaker-performing economies tend to be targets.