Browse

Partner Favorability and Acquisition Premia in Cross-Border M&A's

Cited 0 time in Web of Science Cited 0 time in Scopus
Authors
변종민
Advisor
조승아
Major
경영대학 경영학과
Issue Date
2016-08
Publisher
서울대학교 대학원
Keywords
Partner FavorabilityNational IdentityAcquisition PremiumCross-Border M&A's
Description
학위논문 (석사)-- 서울대학교 대학원 : 경영학과 경영학전공, 2016. 8. 조승아.
Abstract
Abstract
In this paper, we examined the linkage between a firms sentiment toward the national identity of its acquisition partner and the acquisition premium paid. Using a sample of 435 cross-border M&As in 38 countries, we found that the acquisition premium is negatively associated with: 1) the degree of favorability the acquiring firm holds toward its target firms national identity
and 2) the degree of favorability the target firm holds toward its acquiring firms national identity. In addition, information asymmetricity was shown to moderate the relationship between the acquirer's favorability of the target firm and the acquisition premium. Specifically, the acquiring firms tend to rely more on their subjective favorability in unrelated acquisitions in which they lack information on the target firm. In sum, our results shed new insight on the effects of subjective favorability of national identities on acquisition premia in the context of cross-border M&As.
Language
English
URI
https://hdl.handle.net/10371/124691
Files in This Item:
Appears in Collections:
College of Business Administration/Business School (경영대학/대학원)Dept. of Business Administration (경영학과)Theses (Master's Degree_경영학과)
  • mendeley

Items in S-Space are protected by copyright, with all rights reserved, unless otherwise indicated.

Browse