Gains to Bidder Firms Revisited: Domestic and Foreign Acquisitions in Canada
用大样本证据比较加拿大国内收购方与美国收购方在收购加拿大目标公司时的表现，发现国内收购方在公告期获得显著正异常收益，而美国收购方收益不显著，且国内收购方在会计业绩上也更优。
We present large sample evidence on the performance of domestic and U.S. (foreign) bid? der firms acquiring Canadian targets. Domestic bidders earn significantly positive average announcement period abnormal returns, while U.S. bidder returns are indistinguishable from zero. Measures of pre- and post-acquisition abnormal accounting performance are also consistent with a superior domestic bidder performance. Domestic bidder announce? ment returns are, on average, greatest for offers involving stock payment and for the bid? ders with the smallest equity size relative to the target. Neither direct foreign investment controls, horizontal product market relationships, nor acquisition propensities explain why domestic bidders outperform their U.S. competitors.