Impact of Visibility and Investment Advisor Credibility on the Valuation Effects of High‐Tech Cross‐Border Acquisitions
研究美国企业收购外国高科技公司时，目标公司媒体关注度和投资银行声誉如何影响收购方股东的估值效应，发现高可见性和高可信度能带来显著正面收益。
Since foreign high‐tech firms exhibit a high level of asymmetric information, there is much investor skepticism surrounding the potential benefits to US firms that acquire them. However, the investor perception may be more favorable when the acquisitions involve more visible targets and advice from investment banks with a strong reputation. Based on a sample of 503 high‐tech cross‐border acquisitions, bidding‐firm shareholders experience positive but statistically insignificant valuation effects overall. However, bidder firms experience positive and significant valuation effects when the foreign high‐tech target receives a high level of media attention and when the acquisition is endorsed by a top‐tier investment bank. Visibility and credibility enhance the perceived benefits of acquiring foreign targets that have substantial intangible assets and a high level of asymmetric information.