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Autoren: 
Grote, Michael H.
Rücker, Fabian
Datum: 
2007
Schriftenreihe/Nr.: 
Working Paper Series: Finance & Accounting No. 182
Zusammenfassung: 
This paper examines shareholder wealth effects of cross-border acquisitions. In a sample 155 large acquisitions by German corporations from 1985-2006 international transactions total do not lead to significant announcement returns. Geography, however, makes a difference: Shareholders of acquiring firms gain 6.5% in cross-border transactions into countries that have a common border with Germany but lose 4.4% in other international transactions. We find proximity to be one of the most important success factors in cross-border and acquisitions, even when we control for firm, deal and country characteristics.
Dokumentart: 
Working Paper

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