Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/87438 
Erscheinungsjahr: 
2012
Schriftenreihe/Nr.: 
Tinbergen Institute Discussion Paper No. 12-031/2/DSF32
Verlag: 
Tinbergen Institute, Amsterdam and Rotterdam
Zusammenfassung: 
We study the role of private equity firms in cross-border mergers and acquisitions. We find that private equity-owned firms are more likely to become targets in crossborderM&A transactions. This effect is particularly strong in transactions where the target or its shareholders actively reach out for an acquirer. On average, cross-borderdeals with private equity-involvement are not associated with higher announcement returns. However, announcement returns are higher if the acquirer is owned by a private equity firm and the target is from a country with poor corporate governance. We provide evidence indicating that the international networks and connections that result from prior cross-border deals can explain why private equity firms create value in such deals. Our findings suggest that private equity firms can help to reduce information asymmetries in certain cross-border M&A deals. We perform several tests to address possible endogeneity concerns.
Schlagwörter: 
Mergers and acquisitions
private equity
information asymmetries
JEL: 
G34
G32
G24
Dokumentart: 
Working Paper
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