Using a sample of control cross-border acquisitions from 56 countries from 1990 to 2007, we find that acquirers from … better governed countries gain more from such acquisitions and their gains are higher when targets are from worse governed …, across all acquisitions, the acquirer's industry and the year of the acquisition explain more of the stock-price reaction …

Using a sample of control cross-border acquisitions from 61 countries from 1990 to 2007, we find that acquirers from … countries with better governance gain more from such acquisitions and their gains are higher when targets are from countries …-price reaction than the country of the acquirer. Second, for acquisitions of private firms or subsidiaries, acquirers gain more when …

Managers often claim that an important source of value in acquisitions is the acquiring firm's ability to finance … these constraints are eased following the acquisition. We evaluate the extent to which acquisitions lower financial … constraints on a sample of 5,187 European acquisitions occurring between 2001 and 2008. Each of these targets remains a subsidiary …

Managers often claim that an important source of value in acquisitions is the acquiring firm's ability to finance … acquisitions occurring between 2001 and 2008, for which we can observe the target's financial policies both before and after the … easing of financial frictions is a pervasive motive for acquisitions, it is consistent with the view that acquisitions ease …