Dos Santos, Marcelo B.; Errunza, Vihang R.; Miller, … - In: Journal of Banking & Finance 32 (2008) 12, pp. 2716-2724
This paper investigates the valuation effects of corporate international diversification by examining cross-border mergers and acquisitions of US acquirers over the period 1990-2000. We find that, on average, acquisitions of "fairly valued" foreign business units do not lead to value discounts....