INVESTMENT BANK EXPERTISE IN CROSS‐BORDER MERGERS AND ACQUISITIONS
研究投资银行的国家专长如何影响跨境并购交易，发现地理邻近、文化亲和及本地经验能显著提高交易完成概率、缩短完成时间并提升收购方运营绩效。
Abstract We study the influence of country expertise of investment banks in facilitating cross‐border merger deals by analyzing a large international sample of merger and acquisition (M&A) deals. We provide evidence that the geographical proximity, cultural affinity, and local experience of investment banks advising bidding firms on cross‐border M&A deals significantly increase the probability of completion of the deal, significantly decrease the time required to complete the deal, and significantly increase the operating performance of the acquiring firm after the deal. Our results are robust to firm, deal, country‐specific factors, and endogeneity concerns.