Cash-rich bidders in UK have better announcement abnormal returns than cash-poor ones during 1984-2007, contrasting previous findings in the US. The positive cash reserve effect is mainly from bidders of high long-run growth or those with non-trivial institutional holdings. Moreover, cash-rich...

"Cross-border mergers and acquisitions (CBM&As) activity continues to excite interest among academics and practicing managers, and has become an important vehicle for firms' internationalization and corporate restructuring over the past three decades. Despite the huge volume of global CBM&A...