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The Choice of Payment Method in European Mergers & AcquisitionsMara FaccioPurdue University - Krannert School of Management; Centre for Economic Policy Research (CEPR); European Corporate Governance Institute (ECGI) Ronald W. MasulisUniversity of New South Wales - Australian School of Business; European Corporate Governance Institute (ECGI); Financial Research Network (FIRN) February 28, 2004 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.
Number of Pages in PDF File: 58 Keywords: Corporate finance, Corporate Governance, M&As JEL Classification: G30, G34 Accepted Paper SeriesDate posted: March 6, 2004 ; Last revised: March 30, 2009Suggested CitationContact Information
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