DOES DISTANCE MATTER IN MERGERS AND ACQUISITIONS?

被引：16
|
作者：
Bick, Patty [1 ]
Crook, Matthew D. [1 ]
Lynch, Andrew A. [2 ]
Walkup, Brian R. [1 ]
机构：
[1] Univ Tulsa, Tulsa, OK 74104 USA
[2] Univ Mississippi, University, MS 38677 USA
来源：
JOURNAL OF FINANCIAL RESEARCH | 2017年 / 40卷 / 01期
关键词：
BID-ASK SPREAD; INFORMATION ASYMMETRY; ACQUIRER RETURNS; TAKEOVERS; INVESTMENT; GEOGRAPHY; MARKETS; DISCLOSURE; DECISIONS; SELECTION;
D O I：
10.1111/jfir.12115
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Using a sample of mergers and acquisitions from 1985 to 2014, we examine the impact of proximity between target and acquirer as a measure of information asymmetry. We find geographic distance has a significant impact on acquisitions premiums and time to completion, conditional on the size of the target firm. Small targets receive lower premiums and have a faster time to completion the closer they are to their acquirer. Conversely, large targets have a slower time to deal completion the closer their proximity. We conclude geographic distance has a substantial impact on acquisitions.
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页码：33 / 54
页数：22
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