SHAREHOLDER RETURNS TO USA ACQUIRED FIRMS IN FOREIGN AND DOMESTIC ACQUISITIONS
用残差法研究国际多元化是否给股东带来收益，通过比较国内外并购中被收购公司的异常回报，发现考虑支付方式和并购类型后差异不显著。
This research employs the residual methodology to examine whether gains to shareholders exist through international diversification. Under the assump tion that bid premiums (abnormal returns) are a proxy for expected gains in a merger, the magnitude of abnormal returns to acquired f m s in foreign and domestic mergers is determined using the market model. Any significant difference is imputed to expected gains from international diversification. Results indicate that although differences appear to exist, these differences are insignificant when method of payment and merger type are considered.