The Shareholder's response to a firm's first international acquisition

被引：10

作者：

Dandapani, Krishnan ^{[1
]}

Hibbert, Ann Marie ^{[2
]}

Lawrence, Edward R. ^{[1
]}

机构：

[1] Florida Int Univ, Coll Business Adm, Dept Finance, 11200 SW 8th St, Miami, FL 33199 USA

[2] West Virginia Univ, John Chambers Coll Business & Econ, Dept Finance, POB 6025, Morgantown, WV 26506 USA

来源：

JOURNAL OF BANKING & FINANCE | 2020年 / 118卷

关键词：

Cross-border mergers and acquisitions; First international acquisition; Event study; Globalization premium; FOREIGN DIRECT-INVESTMENT; CROSS-BORDER MERGERS; GLOBAL DIVERSIFICATION; POSTACQUISITION PERFORMANCE; CAPITAL STRUCTURE; TOBINS-Q; GAINS; DETERMINANTS; HYPOTHESIS; ACQUIRERS;

D O I：

10.1016/j.jbankfin.2020.105852

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We identify the first and subsequent acquisitions made by U.S. firms that conduct multiple cross-border acquisitions and provide robust evidence that shareholders realize a statistically significant three-day cumulative abnormal return (CAR) of 1% around the announcement of their first international acquisition. The CAR for the first acquisition is significantly higher than the CAR around the announcement of subsequent cross-border acquisitions and is unique to cross-border acquisitions. Our findings indicate that shareholders of U.S. firms attach a premium to the firm's initial effort to globalize via international acquisitions. (C) 2020 Elsevier B.V. All rights reserved.

引用

页数：17

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