|
|||||
|
|
The Effect of Cross-Border Acquisitions on Shareholder Wealth — Evidence from Switzerland |
|
| Authors: | Lowinski Felix Schiereck Dirk Thomas Thomas W. |
| Affiliation: | (1) Department of Economics and Management, Witten/Herdecke University, Alfred-Herrhausen-Str. 48, 58448 Witten, Germany, Tel:;(2) Endowed Chair of Banking and Finance, Schloss Reichartshausen, European Business School, 65375 Oestrich-Winkel, Germany, Tel:;(3) Berkeley, IIR, University of California, 2521 Channing Way, Berkeley, CA, 94720, Tel: |
| Abstract: | We analyze the wealth effects of 114 domestic and international acquisitions announced by Swiss corporations between 1990 and 2001. We find no difference between national and cross-border mergers. This may indicate that the international capital markets are highly integrated and is in contrast to recent empirical findings on a prevailing segmentation of capital markets within Europe. We also analyze the role of professional advisors in Swiss M&A transactions. Our results indicate that the expenses for professional advice might outweigh the potential benefits. |
| Keywords: | acquisitions capital market integration corporate control cross-border acquisitions mergers investment banks Switzerland |
| 本文献已被 SpringerLink 等数据库收录！ | |