The impact of investor protection law on global takeovers: LBO vs. non-LBO transactions

被引：15
作者：
Cao, Xiaping [1 ,2 ]
Cumming, Douglas [3 ]
Goh, Jeremy [4 ]
Wang, Xiaoming [5 ]
机构：
[1] Sun Yat Sen Univ, Guangzhou, Guangdong, Peoples R China
[2] Jinagxi Inst Finance & Dev, Nanchang, Jiangxi, Peoples R China
[3] Florida Atlantic Univ, Coll Business, Boca Raton, FL 33431 USA
[4] Singapore Management Univ, Singapore, Singapore
[5] Shanghai Univ Finance & Econ, Shanghai, Peoples R China
来源：
JOURNAL OF INTERNATIONAL FINANCIAL MARKETS INSTITUTIONS & MONEY | 2019年 / 59卷
关键词：
Leveraged buyouts; Legal environment; Law; Premium; Shareholder rights; Club deals; Value effect; Investor protection; FREE CASH FLOW; GOING PRIVATE; DETERMINANTS; PERFORMANCE; ENFORCEMENT;
D O I：
10.1016/j.intfin.2018.11.012
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This paper examines the impact of investor protection laws on value creation in LBOs versus non-LBO takeovers. We find that value creation measured by takeover premium is significantly higher in countries with better investor protection. The value effect of investor protection laws is more pronounced for LBOs than non-LBO takeover transactions. Among LBOs, investor protection's value effect is lower for club deals than others. These results suggest that institutional context and legal environment determine the extent of value creation for takeovers around the world. (C) 2018 Published by Elsevier B.V.
引用
收藏
页码：1 / 18
页数：18
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