The effect of cross-border acquisitions on shareholder wealth - Evidence from Switzerland

被引：8

作者：

Lowinski F. ^{[1
]}

Schiereck D. ^{[2
]}

Thomas T.W. ^{[3
]}

机构：

[1] Dept. of Economics and Management, Witten/Herdecke University, 58448 Witten

[2] European Business School, Endowed Dept. of Banking and Finance, Schloss Reichartshausen

[3] University of California, Berkeley, IIR, Berkeley, CA 94720

来源：

Review of Quantitative Finance and Accounting | 2004年 / 22卷 / 4期

关键词：

Acquisitions; Capital market integration; Corporate control; Cross-border acquisitions; Investment banks; Mergers; Switzerland;

D O I：

10.1023/B:REQU.0000032601.84464.52

中图分类号：

学科分类号：

摘要：

We analyze the wealth effects of 114 domestic and international acquisitions announced by Swiss corporations between 1990 and 2001. We find no difference between national and cross-border mergers. This may indicate that the international capital markets are highly integrated and is in contrast to recent empirical findings on a prevailing segmentation of capital markets within Europe. We also analyze the role of professional advisors in Swiss M&A transactions. Our results indicate that the expenses for professional advice might outweigh the potential benefits.

引用

页码：315 / 330

页数：15

共 52 条

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