The Impact of Country-level Characteristics on Cross-Border Merger and Acquisition Premiums
| dc.contributor.committeeMember | Maung, Min | |
| dc.contributor.committeeMember | Wilson, Craig | |
| dc.contributor.committeeMember | Mamun, Abdullah | |
| dc.contributor.committeeMember | Zhang, Zhou | |
| dc.creator | Shedden, Myles D 1987- | |
| dc.date.accessioned | 2016-09-28T21:27:22Z | |
| dc.date.available | 2016-09-28T21:27:22Z | |
| dc.date.created | 2016-10 | |
| dc.date.issued | 2016-09-28 | |
| dc.date.submitted | October 2016 | |
| dc.date.updated | 2016-09-28T21:27:22Z | |
| dc.description.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. | |
| dc.format.mimetype | application/pdf | |
| dc.identifier.uri | http://hdl.handle.net/10388/7501 | |
| dc.subject | Cross-border M&A | |
| dc.subject | Country-level Characteristics | |
| dc.subject | Premiums | |
| dc.subject | Corporate Valuation | |
| dc.subject | Corporate Governance | |
| dc.title | The Impact of Country-level Characteristics on Cross-Border Merger and Acquisition Premiums | |
| dc.type | Thesis | |
| dc.type.material | text | |
| thesis.degree.department | Finance | |
| thesis.degree.discipline | Finance | |
| thesis.degree.grantor | University of Saskatchewan | |
| thesis.degree.level | Masters | |
| thesis.degree.name | Master of Science (M.Sc.) |