Cross‐Border versus Domestic Acquisitions and the Impact on Shareholder Wealth
研究英国跨境收购与国内收购对目标公司和收购方股东财富的影响，发现跨境收购中双方收益更高，目标公司收益尤其受收购方治理水平影响。
Abstract: We analyse the impact on targets and bidders from cross‐border acquisitions into and out of the UK, in comparison to companies involved in similar domestic acquisitions. We find both targets and bidders to gain more in cross‐border than in comparable domestic acquisitions, with target and bidder cross‐border effects of 10.1 and 1.5 percentage points, respectively. The cross‐border effect is significantly higher for targets acquired by companies from countries with superior governance systems to their own. There is weak evidence to suggest bidders gain from entering new markets but for targets to gain more where the bidder already operates in the target country.