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International Deal Experience and Cross-Border Acquisitions

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  • Caleb Stroup

    (Department of Economics, Davidson College)

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, 2015. "International Deal Experience and Cross-Border Acquisitions," Working Papers 15-03, Davidson College, Department of Economics.
  • Handle: RePEc:dav:wpaper:15-03
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    Cited by:

    1. 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.
    2. Renneboog, Luc & Vansteenkiste, Cara, 2019. "Failure and success in mergers and acquisitions," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 650-699.
    3. 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.
    4. Doddy Setiawan & Rayenda Khresna Brahmana & Andi Asrihapsari & Siti Maisaroh, 2021. "Does a Foreign Board Improve Corporate Social Responsibility?," Sustainability, MDPI, vol. 13(20), pages 1-17, October.
    5. Ding, Haoyuan & Hu, Yichuan & Li, Chang & Lin, Shu, 2021. "CEO country-specific experience and cross-border mergers and acquisitions," Journal of Corporate Finance, Elsevier, vol. 69(C).
    6. Kun Li & Chaohua He & Wassim Dbouk & Ke Zhao, 2021. "The Value of CSR in Acquisitions: Evidence from China," Sustainability, MDPI, vol. 13(7), pages 1-21, March.
    7. Koray Aktas & Valeria Gattai & Piergiovanna Natale, 2021. "Board Gender Quotas and Outward Foreign Direct Investment: Evidence from France," Working Papers 485, University of Milano-Bicocca, Department of Economics, revised Dec 2021.

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    More about this item

    Keywords

    Cross-border Mergers and Acquisitions; Foreign Direct Investment;

    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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