Do Poorly Governed Acquirers Transfer Wealth to Targets in Cross‐Border Acquisitions?
研究美国收购方在国内和跨境收购中，以反收购条款数量衡量公司治理水平，发现治理不善的收购方支付过高溢价，目标公司获得更高公告后收益，但跨境交易中收购方公告期回报反而更高。
We use the number of antitakeover provisions (ATPs) as a proxy for corporate governance and examine its impact in US domestic and foreign acquisitions made by US acquirers. We find that the targets of poorly governed acquirers earn higher postannouncement premiums, despite controls for deal characteristics, macroeconomic conditions, and country‐level protections, suggesting that these acquirers overpay. Puzzlingly, in contrast with the domestic US findings of Masulis, Wang, and Xie, poorly governed acquirers in cross‐border deals experience higher announcement period returns. The relation between governance and target returns appears concave, but this nonlinearity disappears once differences in country‐level governance and deal characteristics are accounted for.