The Effect of Cross-Border Acquisitions on Shareholder Wealth -- Evidence from Switzerland
We analyze the wealth effects of 114 domestic and international acquisitions announced by Swiss corporations between 1990 and 2001. We find no difference between national and cross-border mergers. This may indicate that the international capital markets are highly integrated and is in contrast to recent empirical findings on a prevailing segmentation of capital markets within Europe. We also analyze the role of professional advisors in Swiss M&A transactions. Our results indicate that the expenses for professional advice might outweigh the potential benefits.
Year of publication: |
2004
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Authors: | Lowinski, Felix ; Schiereck, Dirk ; Thomas, Thomas W. |
Published in: |
Review of Quantitative Finance and Accounting. - Springer. - Vol. 22.2004, 4, p. 315-330
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Publisher: |
Springer |
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