Target Company Cross‐border Effects in Acquisitions into the UK
分析英国公司被跨境收购和国内收购时，目标公司股东的异常回报差异。跨境效应在投标月较小（0.84%），但投标前后数月跨境目标收益更高。该效应与支付方式有关，而非市场准入或汇率因素。
Abstract We analyse the abnormal returns to target shareholders in cross‐border and domestic acquisitions of UK companies. The cross‐border effect during the bid month is small (0.84%), although cross‐border targets gain significantly more than domestic targets during the months surrounding the bid. We find no evidence for the level of abnormal returns in cross‐border acquisitions to be associated with market access or exchange rate effects, and only limited support for an international diversification effect. However, the cross‐border effect appears to be associated with significant payment effects, and there is no significant residual cross‐border effect once various bid characteristics are controlled for.