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Target Company Cross-border Effects in Acquisitions into the UK

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  • Jo Danbolt
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    Abstract

    "We analyse the abnormal returns to target shareholders in cross-border and domestic acquisitions of UK companies. The cross-border effect during the bid month is small (0.84%), although cross-border targets gain significantly more than domestic targets during the months surrounding the bid. We find no evidence for the level of abnormal returns in cross-border acquisitions to be associated with market access or exchange rate effects, and only limited support for an international diversification effect. However, the cross-border effect appears to be associated with significant payment effects, and there is no significant residual cross-border effect once various bid characteristics are controlled for." Copyright Blackwell Publishers Ltd, 2004.

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    File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1468-036X.2004.00241.x
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    Bibliographic Info

    Article provided by European Financial Management Association in its journal European Financial Management.

    Volume (Year): 10 (2004)
    Issue (Month): 1 ()
    Pages: 83-108

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    Handle: RePEc:bla:eufman:v:10:y:2004:i:1:p:83-108

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    Web page: http://www.blackwellpublishing.com/journal.asp?ref=1354-7798
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    Cited by:
    1. Martynova, M. & Renneboog, L.D.R., 2006. "Mergers and Acquisitions in Europe," Discussion Paper 2006-003, Tilburg University, Tilburg Law and Economic Center.
    2. Moshfique Uddin & Agyenim Boateng, 2009. "An analysis of short-run performance of cross-border mergers and acquisitions: Evidence from the UK acquiring firms," Review of Accounting and Finance, Emerald Group Publishing, vol. 8(4), pages 431-453, November.
    3. Martynova, Marina & Renneboog, Luc, 2008. "A century of corporate takeovers: What have we learned and where do we stand?," Journal of Banking & Finance, Elsevier, vol. 32(10), pages 2148-2177, October.
    4. Anderson, Hamish D. & Marshall, Ben R. & Wales, Ryan, 2009. "What is the relationship between investor protection legislation and target takeover returns? Evidence from Europe," Journal of Multinational Financial Management, Elsevier, vol. 19(4), pages 291-305, October.

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