INVESTMENT BANK EXPERTISE IN CROSS-BORDER MERGERS AND ACQUISITIONS

被引：17

作者：

Arena, Matteo P. ^{[1
]}

Dewally, Michael ^{[2
]}

机构：

[1] Marquette Univ, Milwaukee, WI 53233 USA

[2] Towson Univ, Towson, MD USA

来源：

JOURNAL OF FINANCIAL RESEARCH | 2017年 / 40卷 / 01期

关键词：

M-AND-A; GLOBAL DIVERSIFICATION; FINANCIAL ADVISERS; FIRM; MODERNIZATION; PERFORMANCE; LIQUIDITY; GEOGRAPHY; RETURNS; VALUES;

D O I：

10.1111/jfir.12118

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We study the influence of country expertise of investment banks in facilitating cross-border merger deals by analyzing a large international sample of merger and acquisition (M&A) deals. We provide evidence that the geographical proximity, cultural affinity, and local experience of investment banks advising bidding firms on cross-border M&A deals significantly increase the probability of completion of the deal, significantly decrease the time required to complete the deal, and significantly increase the operating performance of the acquiring firm after the deal. Our results are robust to firm, deal, country-specific factors, and endogeneity concerns.

引用

页码：81 / 112

页数：32

共 41 条

[1] Lost in translation? The effect of cultural values on mergers around the world [J].