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The Choice of Payment Method in European Mergers & Acquisitions
Mara Faccio Purdue University - Krannert School of Management; Centre for Economic Policy Research (CEPR); European Corporate Governance Institute (ECGI) Ronald W. Masulis Vanderbilt University - Owen Graduate School of Management; Vanderbilt University - School of Law Journal of Finance, Vol. 60, No. 3, pp. 1345-1388, 2005 Abstract: We study merger and acquisition (M&A) payment choices of European bidders for publicly and privately held targets in the 1997-2000 period. Europe is an ideal venue for studying the importance of corporate governance in making M&A payment choices, given the large number of closely held firms, and the wide range of capital markets, institutional settings, laws and regulations. The tradeoff between corporate governance concerns and debt financing constraints is found to have a large bearing on the bidder's payment choice. Consistent with earlier evidence, we find that several deal and target characteristics significantly affect the method of payment choice.
Keywords: Corporate finance, Corporate Governance, M&As JEL Classifications: G30, G34 Accepted Paper SeriesDate posted: March 06, 2004 ; Last revised: March 30, 2009Suggested CitationContact Information
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