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This study examines the impact of cross-border merger & acquisition deals on the stock prices of ... more This study examines the impact of cross-border merger & acquisition deals on the stock prices of acquiring firms using event study methodology. The sample comprises of the 236 UK listed firms from 2006 to 2018. The overall findings show that cross-border M&A deals results in a positive stock price reaction. Shareholders of UK acquiring firms earn higher cumulative abnormal returns when the target firm is from a country with high political stability and governance quality. Furthermore, the shareholders of firms that acquire firms with low net debt also earn higher cumulative abnormal returns. Industry relatedness has a positive impact whereas there is no difference between first-time and serial acquirers' performance. Disciplinary: Economic and Management Sciences.
This study examines the impact of cross-border merger & acquisition deals on the stock prices of ... more This study examines the impact of cross-border merger & acquisition deals on the stock prices of acquiring firms using event study methodology. The sample comprises of the 236 UK listed firms from 2006 to 2018. The overall findings show that cross-border M&A deals results in a positive stock price reaction. Shareholders of UK acquiring firms earn higher cumulative abnormal returns when the target firm is from a country with high political stability and governance quality. Furthermore, the shareholders of firms that acquire firms with low net debt also earn higher cumulative abnormal returns. Industry relatedness has a positive impact whereas there is no difference between first-time and serial acquirers' performance. Disciplinary: Economic and Management Sciences.