Interstate migration‐based social networks and M&A decisions
研究发现，收购方更可能选择来自移民输出州的标的公司，且移民网络越大，这种倾向越强，尤其当双方同行业、距离远或标的规模小时；同时，大移民网络关联的交易中收购溢价更低、公告回报更高。
Abstract Acquisition decisions and outcomes are found to be associated with the availability of interstate migration‐based social networks. The likelihood of bidders pursuing targets headquartered in migration sending states increases with these social networks’ size, in particular when (a) targets are in the same industry, (b) migration networks span distant states, and (c) targets are small. We also find smaller takeover premia and higher acquirer announcement returns in interstate transactions involving large migration networks. Our collective evidence is consistent with the notion that both enhanced expected synergies and information advantages may drive acquirers’ propensity to choose targets from migration sending states.