Mitigating risks in cross-border acquisitions

被引：41

作者：

Mantecon, Tomas ^{[1
]}

机构：

[1] Univ N Texas, Coll Business, Dept Finance Insurance Real State & Law, Denton, TX 76201 USA

来源：

JOURNAL OF BANKING & FINANCE | 2009年 / 33卷 / 04期

关键词：

Cross-border acquisitions; Investment uncertainty; Joint ventures; GLOBAL DIVERSIFICATION; FOREIGN ACQUISITIONS; INDUSTRIAL DIVERSIFICATION; MARKET; INFORMATION; MERGERS; RETURNS; WEALTH; GAINS; FIRMS;

D O I：

10.1016/j.jbankfin.2008.12.001

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Compared to domestic acquisitions, cross-border acquisitions present greater challenges for buyers. This article analyzes the use of contingent payments, joint ventures, and toehold investments as potential mechanisms for reducing uncertainty in cross-border acquisitions. Toehold investments and earnout payments are associated with larger gains to buyers in domestic acquisitions, but not in cross-border acquisitions. The results indicate that joint ventures can be an effective mechanism to ameliorate the uncertainty associated with cross-border acquisitions in the presence of severe valuation uncertainties and country investment risks. (C) 2008 Elsevier B.V. All rights reserved.

引用

页码：640 / 651

页数：12

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