Gains from Mergers and Acquisitions Around the World: New Evidence
利用全球并购数据，发现不同国家收购方在公告期间的异常收益存在差异；非美国、英国、加拿大市场的收购方支付较低溢价并实现收益，而目标股东收益较低，表明收益分配更均衡。
Using a global M&A data set, this paper provides evidence that the empirical observations relating public acquisitions to, at best, zero abnormal returns, and their stock‐financed subset to negative abnormal returns for acquiring firms around the deal announcement are not unanimous across countries. Acquirers beyond the most competitive takeover markets (the United States, United Kingdom, and Canada) pay lower premia and realize gains, while share‐for‐share offers are at least non‐value‐destroying for their shareholders. In contrast, target shareholders within these markets gain significantly less, implying that the benefits generated are more evenly split between the involved parties.