Abstract

http://ssrn.com/abstract=2037512
 
 

References (106)



 


 



International Deal Experience and Cross-Border Acquisitions


Caleb Stroup


Grinnell College

September 12, 2014


Abstract:     
This paper shows that cross-border acquisition experience, gained by a director during prior service on another company's board, has a large positive impact on the probability that a company will conduct its first cross-border acquisition and on the choice of a foreign country in which to acquire a target. The effect of the presence of an experienced director on a company's first cross-border acquisition is larger for cross-border acquisitions of targets headquartered in countries that are institutionally, culturally, and geographically distant from the acquirer, consistent with the view that experienced directors facilitate a company's first cross-border acquisition. Announced cross-border acquisitions are received more favorably by financial markets and are more likely to be completed when the announcing firm has a current director with cross-border merger experience. These effects are attenuated when estimated on a sample of companies that previously conducted cross-border acquisitions.

Number of Pages in PDF File: 44

Keywords: Mergers and acquisitions, director experience, cross-border mergers, director characteristics, internationalization

JEL Classification: D83, G34, F23, J24, J62, L20, M16

working papers series





Download This Paper

Date posted: April 9, 2012 ; Last revised: September 13, 2014

Suggested Citation

Stroup, Caleb, International Deal Experience and Cross-Border Acquisitions (September 12, 2014). Available at SSRN: http://ssrn.com/abstract=2037512 or http://dx.doi.org/10.2139/ssrn.2037512

Contact Information

Caleb Stroup (Contact Author)
Grinnell College ( email )
P.O. Box 805
Grinnell, IA 50112
United States
HOME PAGE: http://www.calebstroup.net
Feedback to SSRN


Paper statistics
Abstract Views: 1,202
Downloads: 403
Download Rank: 40,662
References:  106

© 2014 Social Science Electronic Publishing, Inc. All Rights Reserved.  FAQ   Terms of Use   Privacy Policy   Copyright   Contact Us
This page was processed by apollo1 in 0.281 seconds