跨国并购和公司治理差异.pptxVIP

Cross-Border Mergers and Differences in Corporate Governance ;Introduction;;;;;;;;;HYPOTHESES;DATA; ;TARGET FIRM TAKEOVER PREMIUMS——Univariate analysis; 不管国内还是跨国，目标股东赚的更多，但当竞购公司为国外公司时，目标公司可以赚的更多（相比于竞购公司为国内公司多赚了6%左右）;——Takeover premia and corporate governance differences;;——Comparing target characteristics;;——Controlling for additional target characteristics;The results in the table indicate that regardless of the proxies we use for corporate governance or investor protection in the acquirer’s home country, takeover premiums for stock offers are significan