Cross‐Listings and M&A Activity: Transatlantic Evidence
研究欧洲公司是否为了便于收购美国公司而选择在美国上市。基于547家欧洲公司的样本，发现交叉上市的公司比仅在国内上市的公司更积极地收购美国公司，且更倾向于在大型交易中使用股权支付。
We analyze whether European firms choose to list shares in the US to facilitate acquisitions. Evidence from a sample of 547 European companies shows that cross‐listed firms are significantly more active in acquiring US companies than are their domestically listed peers. This pattern holds even after we account for self‐selection in the cross‐listing decision. Cross‐listed firms are also more likely to use equity payment in large transactions, but after taking self‐selection into account, transaction size becomes the key determinant of the use of equity. After cross‐listing, the proportion of aggregate M&A volume financed with equity increases.