The Effects of Foreign Acquisitions on the Value of Industry Peers
研究当行业内一家公司被外资收购时，同行公司的股价如何反应。发现横向外资收购公告期间，同行平均股价反应显著为负，且在增长型、低专业化和竞争激烈的行业中更明显，同时与未来经营业绩下降相关。
Abstract This article studies how industry peers’ stock prices respond when another firm in the industry is acquired by a foreign firm. The average stock price reactions of industry peers in horizontal foreign acquisitions around deal announcements are significantly negative. Peers’ returns are more negative in growing, less specialized, and competitive industries. Moreover, the negative stock price reactions of industry peers are related to future decreases in their operating performance. Overall, these results suggest that foreign acquisitions have strong competitive effects for the industry peers of U.S. target companies.