The Geography of Block Acquisitions
利用大宗股权收购样本，发现收购方偏好地理邻近的目标，且此类收购更可能参与投后治理，目标公司公告回报和运营表现更好，尤其当信息不对称严重时。
ABSTRACT Using a large sample of partial block acquisitions, we examine the importance of geographic proximity in corporate governance and target returns. We find that block acquirers have a strong preference for geographically proximate targets and acquirers that purchase shares in such targets are more likely to engage in post‐acquisition target governance activities than are remote block acquirers. Moreover, the targets of these acquirers realize higher announcement returns and better post‐acquisition operating performance than do targets of other types of acquirers, particularly when they face greater information asymmetries.