Stabsseminar fredag

Institutt for foretaksøkonomi holder stabsseminar fredag 24. oktober ved Dr. Paolo Volpin fra London Business School. Temaet for seminaret er Cross-Country Determinants of Mergers and Acquisitions.

23.10.2003 - Knut André Karlstad

Tid: Fredag 24. oktober klokken 12.00-13.15.
Sted: Auditorium 14 (NB! Merk tid og sted!).

Paper er tilgjengelig på http://www.nhh.no/for/seminars/2003-fall/241003.pdf.

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Abstract
We study the determinants of mergers and acquisitions around the world by focusing on differences in laws and regulation across countries. We find that the volume of M&A activity is significantly larger in countries with better accounting standards and stronger shareholder protection. The probability of an all-cash bid decreases with the level of shareholder protection in the acquirer country. In cross-border deals targets are typically from countries with poorer investor protection than acquirers, suggesting that cross-border transactions play a governance role by improving the degree of investor protection within target firms.