DOES DISTANCE MATTER IN MERGERS AND ACQUISITIONS?
研究了1985至2014年间并购样本中目标与收购方距离对交易溢价和完成时间的影响，发现距离对小目标公司溢价和完成时间有显著影响，对大型目标公司完成时间也有影响。
Abstract Using a sample of mergers and acquisitions from 1985 to 2014, we examine the impact of proximity between target and acquirer as a measure of information asymmetry. We find geographic distance has a significant impact on acquisitions premiums and time to completion, conditional on the size of the target firm. Small targets receive lower premiums and have a faster time to completion the closer they are to their acquirer. Conversely, large targets have a slower time to deal completion the closer their proximity. We conclude geographic distance has a substantial impact on acquisitions.