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Mitigating risks in cross-border acquisitions
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DOI：10.1016/j.jbankfin.2008.12.001.png)
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Abstract
En 中文
Compared to domestic acquisitions, cross-border acquisitions present greater challenges for buyers. This article analyzes the use of contingent payments, joint ventures, and toehold investments as potential mechanisms for reducing uncertainty in cross-border acquisitions. Toehold investments and earnout payments are associated with larger gains to buyers in domestic acquisitions, but not in cross-border acquisitions. The results indicate that joint ventures can be an effective mechanism to ameliorate the uncertainty associated with cross-border acquisitions in the presence of severe valuation uncertainties and country investment risks. (C) 2008 Elsevier B.V. All rights reserved.
Keywords:
Cross-border acquisitions
Investment uncertainty
Joint ventures
Journal
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3.8
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6.4K
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2.4W
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