Cross‐Border Mergers and Differences in Corporate Governance
Cross‐Border Mergers and Differences in Corporate Governance
复制标题
跨国并购与公司治理差异
DOI：
10.1111/irfi.12008
复制
发表时间：
2013
期刊：
影响因子：
--
通讯作者：
Kelsey D. Wei
中科院分区：
文献类型：
--
作者：
L. Starks;Kelsey D. Wei
我们研究了公司治理差异是否会影响跨国并购中的公司估值。我们发现，收购溢价下降的质量，外国收购者的母国治理完成的交易与股票，这表明收购者补偿目标股东所产生的暴露于低劣的公司治理制度。相应地，我们发现，收购公司股东在合并公告时的超额收益在公司治理质量方面是增加的。最后，我们发现，来自公司治理较好的国家的外国收购者更有可能提出股票要约。
We examine whether corporate governance differences affect firm valuation in cross‐border mergers. We find that takeover premiums are decreasing in the quality of the foreign acquirer's home country governance for deals completed with stock, suggesting that the acquirers compensate target shareholders for the resulting exposure to inferior corporate governance regimes. Correspondingly, we find that the acquiring firm stockholders' abnormal returns at the merger announcement are increasing in the quality of corporate governance for stock offers. Finally, we find that foreign acquirers from countries with better corporate governance are more likely to make stock offers.
DOI：
10.2139/ssrn.395020
发表时间：
2003-05
期刊：
American Finance Association Meetings (AFA)
影响因子：
--
作者：
Stefano Rossi;P. Volpin
通讯作者：
Stefano Rossi;P. Volpin