Derivatives Use, Information Asymmetry, and MNC Post‐Acquisition Performance
用美国跨国并购样本发现，使用衍生品的收购方长期绩效更好，且政策越全面复杂效果越强，说明衍生品能降低信息不对称引发的代理问题。
We utilize a sample of US acquiring firms that engaged in international M&As to document the effects of corporate derivatives use on post‐M&A long‐term performance. We find that derivatives users outperform nonusers. Furthermore, we find that acquirers with derivative policies that are more comprehensive and sophisticated outperform those with less comprehensive and sophisticated policies. They, in turn, outperform acquirers with no existing policies in place. Our results are consistent with the notion that the use of derivatives lowers information asymmetry related agency problems. Furthermore, our evidence indicates that derivatives use is an important corporate activity that has a profound effect on post‐M&A performance.