跨国兼并与收购外文原文.pdfVIP

Determinants of Cross-Border Mergers and Acquisitions Isil Erel Ohio State University Rose C. Liao Rutgers University Michael S. Weisbach Ohio State University and NBER November 1, 2010 Abstract Despite the fact that one-third of worldwide mergers involve firms from different countries, the vast majority of the academic literature on mergers studies domestic mergers. What little has been written about cross-border mergers has focused on public firms, usually from the United States. Yet, the vast majority of cross-border mergers involve private firms that are not from the United States. We provide an analysis of a sample of 56,978 cross-border mergers occurring between 1990 and 2007. In addition to the factors that motivate domestic mergers, national borders provide an additional set of factors that affect the likelihood that two firms choose to merge. Geography, the quality of accounting disclosure, and the bilateral trade increase the likelihood of mergers between two countries. In addition, 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 who have a relatively high market to book value tend to be purchasers and firms from weaker-performing economies tend to be targets. * Contact infor