Mergers and plans of arrangements where shareholders of the acquiror company were not afforded a vote used to be very common in Canada, in particular if the target were a public company. Corporate boards felt comfortable designing transactions without consulting their shareholders because...

In this study, we raise the question of why bidders from high investor protection countries tend to make acquisitions in less protective countries. To answer this question, we use a sample of 462 cross-border and domestic acquisitions by Canadian bidders. Our results reveal that Canadian bidders...