학술대회/행사
학술대회안내
[2008년 제 2차] Investor Protection and the Mode of Acquisition:An
작성자 : 관리자
조회수 : 1119
게시일 :
2008-05-30
This paper investigates whether the level of investor protection affects the choice between a full scale merger and a purchase of a controlling stake in an acquisition, and examines the consequences of these decisions on target shareholders’ welfare. Using a sample of 10,402 acquisitions from 38 countries between 1990 and 2003, I find that targets from countries with poor investor protection are more likely to be acquired through a ‘control stake acquisition’ than a ‘merger’ thereby creating inter-corporate control chains. The returns to target minority shareholders in low protection countries are significantly positive in both ‘control stake acquisitions’ and‘mergers’, but they are substantially lower than those found in countries with high investor protection.
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