Eintrag weiter verarbeiten
Cross‐Border Mergers and Differences in Corporate Governance
Gespeichert in:
| Zeitschriftentitel: | International Review of Finance |
|---|---|
| Personen und Körperschaften: | , |
| In: | International Review of Finance, 13, 2013, 3, S. 265-297 |
| Format: | E-Article |
| Sprache: | Englisch |
| veröffentlicht: |
Wiley
|
| Schlagwörter: |
| author_facet |
Starks, Laura T. Wei, Kelsey D. Starks, Laura T. Wei, Kelsey D. |
|---|---|
| author |
Starks, Laura T. Wei, Kelsey D. |
| spellingShingle |
Starks, Laura T. Wei, Kelsey D. International Review of Finance Cross‐Border Mergers and Differences in Corporate Governance Economics and Econometrics Finance |
| author_sort |
starks, laura t. |
| spelling |
Starks, Laura T. Wei, Kelsey D. 1369-412X 1468-2443 Wiley Economics and Econometrics Finance http://dx.doi.org/10.1111/irfi.12008 <jats:title>Abstract</jats:title><jats:p>We examine whether corporate governance differences affect firm valuation in cross‐border mergers. We find that takeover premiums are decreasing in the quality of the foreign acquirer's home country governance for deals completed with stock, suggesting that the acquirers compensate target shareholders for the resulting exposure to inferior corporate governance regimes. Correspondingly, we find that the acquiring firm stockholders' abnormal returns at the merger announcement are increasing in the quality of corporate governance for stock offers. Finally, we find that foreign acquirers from countries with better corporate governance are more likely to make stock offers.</jats:p> Cross‐Border Mergers and Differences in Corporate Governance International Review of Finance |
| doi_str_mv |
10.1111/irfi.12008 |
| facet_avail |
Online |
| finc_class_facet |
Wirtschaftswissenschaften |
| format |
ElectronicArticle |
| fullrecord |
blob:ai-49-aHR0cDovL2R4LmRvaS5vcmcvMTAuMTExMS9pcmZpLjEyMDA4 |
| id |
ai-49-aHR0cDovL2R4LmRvaS5vcmcvMTAuMTExMS9pcmZpLjEyMDA4 |
| institution |
DE-Brt1 DE-D161 DE-Gla1 DE-Zi4 DE-15 DE-Pl11 DE-Rs1 DE-105 DE-14 DE-Ch1 DE-L229 DE-D275 DE-Bn3 |
| imprint |
Wiley, 2013 |
| imprint_str_mv |
Wiley, 2013 |
| issn |
1369-412X 1468-2443 |
| issn_str_mv |
1369-412X 1468-2443 |
| language |
English |
| mega_collection |
Wiley (CrossRef) |
| match_str |
starks2013crossbordermergersanddifferencesincorporategovernance |
| publishDateSort |
2013 |
| publisher |
Wiley |
| recordtype |
ai |
| record_format |
ai |
| series |
International Review of Finance |
| source_id |
49 |
| title |
Cross‐Border Mergers and Differences in Corporate Governance |
| title_unstemmed |
Cross‐Border Mergers and Differences in Corporate Governance |
| title_full |
Cross‐Border Mergers and Differences in Corporate Governance |
| title_fullStr |
Cross‐Border Mergers and Differences in Corporate Governance |
| title_full_unstemmed |
Cross‐Border Mergers and Differences in Corporate Governance |
| title_short |
Cross‐Border Mergers and Differences in Corporate Governance |
| title_sort |
cross‐border mergers and differences in corporate governance |
| topic |
Economics and Econometrics Finance |
| url |
http://dx.doi.org/10.1111/irfi.12008 |
| publishDate |
2013 |
| physical |
265-297 |
| description |
<jats:title>Abstract</jats:title><jats:p>We examine whether corporate governance differences affect firm valuation in cross‐border mergers. We find that takeover premiums are decreasing in the quality of the foreign acquirer's home country governance for deals completed with stock, suggesting that the acquirers compensate target shareholders for the resulting exposure to inferior corporate governance regimes. Correspondingly, we find that the acquiring firm stockholders' abnormal returns at the merger announcement are increasing in the quality of corporate governance for stock offers. Finally, we find that foreign acquirers from countries with better corporate governance are more likely to make stock offers.</jats:p> |
| container_issue |
3 |
| container_start_page |
265 |
| container_title |
International Review of Finance |
| container_volume |
13 |
| format_de105 |
Article, E-Article |
| format_de14 |
Article, E-Article |
| format_de15 |
Article, E-Article |
| format_de520 |
Article, E-Article |
| format_de540 |
Article, E-Article |
| format_dech1 |
Article, E-Article |
| format_ded117 |
Article, E-Article |
| format_degla1 |
E-Article |
| format_del152 |
Buch |
| format_del189 |
Article, E-Article |
| format_dezi4 |
Article |
| format_dezwi2 |
Article, E-Article |
| format_finc |
Article, E-Article |
| format_nrw |
Article, E-Article |
| _version_ |
1792346872393760775 |
| geogr_code |
not assigned |
| last_indexed |
2024-03-01T17:45:50.219Z |
| geogr_code_person |
not assigned |
| openURL |
url_ver=Z39.88-2004&ctx_ver=Z39.88-2004&ctx_enc=info%3Aofi%2Fenc%3AUTF-8&rfr_id=info%3Asid%2Fvufind.svn.sourceforge.net%3Agenerator&rft.title=Cross%E2%80%90Border+Mergers+and+Differences+in+Corporate+Governance&rft.date=2013-09-01&genre=article&issn=1468-2443&volume=13&issue=3&spage=265&epage=297&pages=265-297&jtitle=International+Review+of+Finance&atitle=Cross%E2%80%90Border+Mergers+and+Differences+in+Corporate+Governance&aulast=Wei&aufirst=Kelsey+D.&rft_id=info%3Adoi%2F10.1111%2Firfi.12008&rft.language%5B0%5D=eng |
| SOLR | |
| _version_ | 1792346872393760775 |
| author | Starks, Laura T., Wei, Kelsey D. |
| author_facet | Starks, Laura T., Wei, Kelsey D., Starks, Laura T., Wei, Kelsey D. |
| author_sort | starks, laura t. |
| container_issue | 3 |
| container_start_page | 265 |
| container_title | International Review of Finance |
| container_volume | 13 |
| description | <jats:title>Abstract</jats:title><jats:p>We examine whether corporate governance differences affect firm valuation in cross‐border mergers. We find that takeover premiums are decreasing in the quality of the foreign acquirer's home country governance for deals completed with stock, suggesting that the acquirers compensate target shareholders for the resulting exposure to inferior corporate governance regimes. Correspondingly, we find that the acquiring firm stockholders' abnormal returns at the merger announcement are increasing in the quality of corporate governance for stock offers. Finally, we find that foreign acquirers from countries with better corporate governance are more likely to make stock offers.</jats:p> |
| doi_str_mv | 10.1111/irfi.12008 |
| facet_avail | Online |
| finc_class_facet | Wirtschaftswissenschaften |
| format | ElectronicArticle |
| format_de105 | Article, E-Article |
| format_de14 | Article, E-Article |
| format_de15 | Article, E-Article |
| format_de520 | Article, E-Article |
| format_de540 | Article, E-Article |
| format_dech1 | Article, E-Article |
| format_ded117 | Article, E-Article |
| format_degla1 | E-Article |
| format_del152 | Buch |
| format_del189 | Article, E-Article |
| format_dezi4 | Article |
| format_dezwi2 | Article, E-Article |
| format_finc | Article, E-Article |
| format_nrw | Article, E-Article |
| geogr_code | not assigned |
| geogr_code_person | not assigned |
| id | ai-49-aHR0cDovL2R4LmRvaS5vcmcvMTAuMTExMS9pcmZpLjEyMDA4 |
| imprint | Wiley, 2013 |
| imprint_str_mv | Wiley, 2013 |
| institution | DE-Brt1, DE-D161, DE-Gla1, DE-Zi4, DE-15, DE-Pl11, DE-Rs1, DE-105, DE-14, DE-Ch1, DE-L229, DE-D275, DE-Bn3 |
| issn | 1369-412X, 1468-2443 |
| issn_str_mv | 1369-412X, 1468-2443 |
| language | English |
| last_indexed | 2024-03-01T17:45:50.219Z |
| match_str | starks2013crossbordermergersanddifferencesincorporategovernance |
| mega_collection | Wiley (CrossRef) |
| physical | 265-297 |
| publishDate | 2013 |
| publishDateSort | 2013 |
| publisher | Wiley |
| record_format | ai |
| recordtype | ai |
| series | International Review of Finance |
| source_id | 49 |
| spelling | Starks, Laura T. Wei, Kelsey D. 1369-412X 1468-2443 Wiley Economics and Econometrics Finance http://dx.doi.org/10.1111/irfi.12008 <jats:title>Abstract</jats:title><jats:p>We examine whether corporate governance differences affect firm valuation in cross‐border mergers. We find that takeover premiums are decreasing in the quality of the foreign acquirer's home country governance for deals completed with stock, suggesting that the acquirers compensate target shareholders for the resulting exposure to inferior corporate governance regimes. Correspondingly, we find that the acquiring firm stockholders' abnormal returns at the merger announcement are increasing in the quality of corporate governance for stock offers. Finally, we find that foreign acquirers from countries with better corporate governance are more likely to make stock offers.</jats:p> Cross‐Border Mergers and Differences in Corporate Governance International Review of Finance |
| spellingShingle | Starks, Laura T., Wei, Kelsey D., International Review of Finance, Cross‐Border Mergers and Differences in Corporate Governance, Economics and Econometrics, Finance |
| title | Cross‐Border Mergers and Differences in Corporate Governance |
| title_full | Cross‐Border Mergers and Differences in Corporate Governance |
| title_fullStr | Cross‐Border Mergers and Differences in Corporate Governance |
| title_full_unstemmed | Cross‐Border Mergers and Differences in Corporate Governance |
| title_short | Cross‐Border Mergers and Differences in Corporate Governance |
| title_sort | cross‐border mergers and differences in corporate governance |
| title_unstemmed | Cross‐Border Mergers and Differences in Corporate Governance |
| topic | Economics and Econometrics, Finance |
| url | http://dx.doi.org/10.1111/irfi.12008 |