Earticle

초록

영어

We examine cross-border acquisitions of private and public targets by U.S. firms by employing self selection models. We are particularly interested in the roles of country-level liquidity and transparency in cross-border acquisitions. Our results show that a typical acquisition deal of a private target is smaller in size, uses cash less frequently for payment, and involves more hightech firms than that of a public target. Most importantly, we find that acquiring firms are more likely to buy private targets in lower-transparency countries, but the level of country liquidity has little effect on the target selection. Furthermore, after accounting for the endogeneity bias associated with target selection, country liquidity is shown to be no longer a key determinant of acquirer returns in cross-border acquisitions. Our results are robust to alternative specifications of dependent variables and self selection models.

목차

Abstract
 1. Introduction
 2. Literature Review and Development of Hypotheses
  2.1. Country liquidity hypothesis
  2.2. Country transparency (or information asymmetry) hypothesis
 3. Data
 4. Empirical Design and Results
  4.1. Measurement of announcement-period returns to acquiring firms
  4.2. Regression model for determinants of announcement-period returns
  4.3. Descriptive statistics on characteristics of deals and acquiring firms
  4.4. Univariate analysis of announcement-period returns
  4.5. Results from cross-sectional OLS regressions
  4.6. Self-selection models
  4.7. Robustness tests
 5. Conclusion
 References
 Table

키워드

저자

• Sung C. Bae [ Ashel G. Bryan/Huntington Bank Professor in the Department of Finance, College of Business Administration, Bowling Green State University, Bowling Green ] Corresponding author
• Kiyoung Chang [ Assistant Professor of Finance at the School of Business and Economics, Indiana University South Bend, South Bend ]
• Doseong Kim [ Associate Professor of Finance at the College of Business Administration, Sogang University, Seoul, Korea ]

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발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  한국재무학회 학술대회

• 간기

  부정기

• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330