Cross-border opportunity sets: An international empirical study based on ownership types |
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| Affiliation: | 1. Florida State University, United States;2. University of Missouri, Kansas City, United States;1. Georgetown University, Washington, DC, USA;2. Universidad de Chile, Santiago de Chile, Chile;1. St. John''s University, Queens, NY, United States;2. Marshall Management Services, Long Island, NY, United States;1. Mississippi State University, Department of Finance and Economics, College of Business, Mississippi State, MS 39762, USA;2. University of New Orleans, Department of Economics and Finance, New Orleans, LA 70148, USA;3. American University, Kogod School of Business, Department of Finance and Real Estate, 4400 Massachusetts Avenue, NW, Washington, DC 20016, USA;1. Auckland University of Technology, Private Bag 92006, Auckland, New Zealand;2. Department of Finance, Auckland University of Technology, Private Bag 92006, Auckland 1142, New Zealand;3. Department of Economics and Finance, Southern Illinois University Edwardsville, Edwardsville, IL 62026-1102, USA;1. The Institute of Policy Analysis, Rutgers University, United States;2. Texas A & M University — Commerce, United States;3. California State University, Fullerton, United States |
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| Abstract: | This paper is the first, to our knowledge, to make the distinction between the investment opportunity set of real assets versus portfolio securities. We perform a large scale formal investigation of the investment opportunity set in global acquisitions based on ownership type over the period of 1985–2012. Compared to private acquirers, government acquirers have a much reduced investment opportunity set. Government acquirers invest in fewer target nations and industries, settle for smaller stakes, invest in countries with lower quality legal institutions and in nations with which political relations are more positive and see a 50% higher deal failure rate. |
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