Cross-Border Mergers and Acquisitions: The Role of
鱼儿水中游Private Equity Firms
星空灿烂写奶奶的作文期刊名称： Strategic Management Journal
作者： Humphery-Jenner, Mark,Sautner, Zacharias,Suchard, Jo-Ann
巨森蚺
作者机构： UNSW Australia,Frankfurt Sch Finance & Management
年份： 2017年
主机开不了机是什么原因期号： 第8期
书法社团关键词： takeovers;acquisitions;mergers;private equity;cross-border;
英磅
摘要：We study the role of private equity firms in cross-border mergers and acquisitions. We find that private equity-owned firms are more likely to become targets in crossborderM&A transactions. This effect is particularly strong in transactions where the target or its shareholders actively reach out for an
不禁造句acquirer. On average, cross-borderdeals with private equity-involvement are not associated with higher announcement returns. However, announcement returns are higher if
the acquirer is owned by a private equity firm and the target is from a country with poor corporate governance. We provide evidence indicating that the international networks and connections that result from prior cross-border deals can explain why private equity firms create value in such deals. Our findings suggest that private equity firms can help to
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