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International Deal Experience And Cross-Border Acquisitions

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  • Caleb Stroup

Abstract

I show that corporate directors' human capital facilitates international investments. Directors' experience with cross-border transactions positively influences firms' decisions to conduct their first cross-border acquisitions. Cross-border acquirers are more likely to buy firms headquartered in countries with which the directors have prior deal experience. This effect is strongest for target firms headquartered in culturally and institutionally dissimilar countries. Announced cross-border acquisitions are received more favorably by financial markets and are more likely to be completed successfully when the announcing firm has a director with cross-border acquisition experience. These effects are not driven by investment bank involvement in the deal process or by other forms of directors' human capital, and they are robust to endogeneity of director hires. Publication Status: Published in Economic Enquiry, 2017, 55(1):73-97.
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  • Caleb Stroup, 2017. "International Deal Experience And Cross-Border Acquisitions," Economic Inquiry, Western Economic Association International, vol. 55(1), pages 73-97, January.
  • Handle: RePEc:bla:ecinqu:v:55:y:2017:i:1:p:73-97
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    Cited by:

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    3. Valeria Gattai & Piergiovanna Natale & Francesca Rossi, 2022. "Board Diversity and Outward FDI: Evidence from Europe," Working Papers 491, University of Milano-Bicocca, Department of Economics, revised Mar 2022.
    4. Renneboog, Luc & Vansteenkiste, Cara, 2019. "Failure and success in mergers and acquisitions," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 650-699.
    5. Brad Graham & Caleb Stroup, 2016. "Does anti-bribery enforcement deter foreign investment?," Applied Economics Letters, Taylor & Francis Journals, vol. 23(1), pages 63-67, January.
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    More about this item

    JEL classification:

    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
    • L23 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Organization of Production

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