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      The Impact of Country-level Characteristics on Cross-Border Merger and Acquisition Premiums

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      SHEDDEN-THESIS-2016.pdf (535.8Kb)
      Date
      2016-09-28
      Author
      Shedden, Myles D 1987-
      Type
      Thesis
      Degree Level
      Masters
      Metadata
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      Abstract
      It is observed that merger premiums vary across countries. In this paper we study the impact of country-level characteristics on cross-border merger and acquisition premiums. By using principal component analysis to combine several existing country-level indices, we provide empirical evidence that stronger measures of legal and regulatory standards, investor protection, and corporate transparency lead to higher merger premiums in cross-border transactions. The results indicate that managers of the acquiring firm are willing to pay a higher premium to acquire a foreign target when they believe the risks of achieving merger synergies are lower, and that the market for corporate control is not an effective substitute for a formal legal and regulatory system that protects shareholders.
      Degree
      Master of Science (M.Sc.)
      Department
      Finance
      Program
      Finance
      Committee
      Maung, Min; Wilson, Craig; Mamun, Abdullah; Zhang, Zhou
      Copyright Date
      October 2016
      URI
      http://hdl.handle.net/10388/7501
      Subject
      Cross-border M&A
      Country-level Characteristics
      Premiums
      Corporate Valuation
      Corporate Governance
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      • Graduate Theses and Dissertations
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