Trade Networks and Cross-Border Acquisitions: Evidence from United States Acquiring Firms

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This study examines the impact of the trade networks of target firms' nation on the announcement returns of the cross-border acquisitions of United States acquirers. By using a sample of 818 cross-border acquisitions during 2000-2007, we find that the centrality measure of trade networks has a positive impact on announcement returns, after controlling for Hofstede's cultural distance measure between the acquiring and target nations and various firm- and deal-specific factors. In sum, trade network analysis, based on strength centrality, better explains the performance of acquiring firms than does the bilateral trade openness measurement used in previous studies.
Publisher
WILEY-BLACKWELL
Issue Date
2016-12
Language
English
Article Type
Article
Keywords

CULTURAL DISTANCE; MERGERS; MARKET; PERFORMANCE; DETERMINANTS; INTEGRATION; IMPACT; WORLD

Citation

ASIA-PACIFIC JOURNAL OF FINANCIAL STUDIES, v.45, no.6, pp.916 - 943

ISSN
2041-9945
DOI
10.1111/ajfs.12158
URI
http://hdl.handle.net/10203/219623
Appears in Collection
RIMS Journal PapersMG-Journal Papers(저널논문)
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