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Determinants of earnout as acquisition payment currency and bidders value gains
We examine the wealth effects of a comprehensive sample of UK bidders offering contingent payment, or earnout, as consideration for their acquisitions. We show that bidders using earnout generateExpand
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Foreign direct investment in emerging markets and acquirers’ value gains ☆
We investigate the shareholder wealth effects of 306 foreign direct investment (FDI) announcements by UK firms in seventy-five emerging markets (EM). Our results show that acquirers enjoy highlyExpand
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Legal systems and gains from cross-border acquisitions
While cross-border-acquisitions (CBA) constitute a significant and expanding proportion of the total mergers and acquisitions transactions, their benefits and costs to the acquiring firm'sExpand
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The valuation effects of investor attention in stock-financed acquisitions
Limited investor attention allows overvalued companies to engage in stock-financed acquisitions of listed target firms without experiencing significant reductions in their existing valuations. OurExpand
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Future directions in international financial integration research - A crowdsourced perspective
This paper is the result of a crowdsourced effort to surface perspectives on the present and future direction of international finance. The authors are researchers in financial economics who attendedExpand
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The impact of monetary policy on M&A outcomes
Monetary policy influences a wide range of Mergers and Acquisitions (M&A) outcomes. First, an increase in the federal funds rate predicts a negative market reaction to M&A announcements, an increaseExpand
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Does contingent payment enhance foreign target acquirer’s value? The optimal entry mode
This paper presents new evidence on the workings and wealth effects of earnouts in international changes of corporate control. It offers compelling evidence suggesting that firms choosing to join aExpand
Domestic and cross-border acquisitions: The impact of stock market and exchange rate conditions on bidders' returns
The paper examines whether a simultaneous analysis of various indicators of aggregate economic conditions help managers in timing the announcement of takeover bids. The estimates show that biddersExpand
Relative equity market valuation conditions and acquirers’ gains
We examine whether the relative equity market valuation conditions (EMVCs) in the countries of merging firms help acquirers’ managers to time the announcements of both domestic and foreign targets.Expand
The role of earnout financing on the valuation effects of global diversification
This article examines the impact of earnout financing on the value of acquiring firms engaged in cross-border acquisitions (CBAs), using a dataset of UK, US, Canadian and Australian firms from 1992Expand
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