The Value of Investor Protection: Firm Evidence from Cross-Border Mergers

By Arturo Bris, C. Cabolis. 2008

495 citations recorded by the source corpus.

Subfields: Accounting, Economics and Econometrics, Strategy and Management

View Paper: https://www.semanticscholar.org/paper/06839428019c4e47c306fd3c505e61bbaee69ab2

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Citations in the corpus

Does Takeover Activity Cause Managerial Discipline? Evidence from International M&A Laws (2015, unknown): “For example, Bris and Cabolis (2008a) find a greater merger premium in cross-border mergers relative to domestic acquisitions when the acquirer is from a country with better investor protection than the target’s country.”
Economic Nationalism in Mergers and Acquisitions (2013, unknown): “9 For studies on European mergers and acquisitions but without a political economy focus, see, for example, Rossi and Volpin (2004), Faccio and Masulis (2005), Ferreira, Massa, and Matos (2007), Bris and Cabolis (2008), and Erel, Jang, and Weisbach (2012).”
Regulatory Arbitrage and Cross-Border Bank Acquisitions: Regulatory Arbitrage and Cross-Border Bank Acquisitions (2015, unknown): “M&A literature in which the target firm usually adopts the governance structures of the country of the acquiring firm (Rossi and Volpin, 2004; Bris and Cabolis, 2008; Starks and Wei, 2004; and, Ellis, Moeller, Schlingemann, and Stulz, 2012).”
Shareholders at the Gate? Institutional Investors and Cross-Border Mergers and Acquisitions (2010, unknown): “Starks and Wei (2004) and Bris and Cabolis (2008) find a higher takeover premium when investor protection in the acquirer's country is stronger than in the target's country.”
Do cross-border acquisitions create value? Evidence from overseas acquisitions by Chinese firms (2016, background): “Such proprietary and intangible firm-specific assets can provide a foreign acquirer better profit potential than a local potential bidder for the same target (Bris & Cabolis, 2008; Dunning, 1988; Krugman, 1987; Martynova & Renneboog, 2008).”
Shareholder Voting and Corporate Governance Around the World (2015, unknown): “We include the standard controls proposed by the literature (see, e.g., Rossi and Volpin 2004; Luo 2005; Chen, Harford, and Li 2007; Bris and Cabolis 2008; Kau, Linck, and Rubin 2008; Jacobsen 2014).32 Table 6 presents the results.”
Adopting Better Corporate Governance: Evidence from Cross-Border Mergers (2008, unknown): “As Bris and Cabolis (2008) discuss, these are the indices which are a¤ected by a change in nationality of the target …rm in a cross-border merger.”
The value of control in emerging markets (2010, background): “Bris and Cabolis (2008) find that target abnormal returns increase with better shareholder protection and accounting standards in the acquirer’s country of origin when the target is wholly acquired for a pooled sample of developed- and emerging-market transactions.”
Determinants of Cross-Border Mergers and Acquisitions (2012, unknown): “…mergers could similarly occur because of mispricing of securities from fluctuations in risk-aversion by local investors or 3 Rossi and Volpin (2004), Bris and Cabolis (2008), and Bris, Brisley, and Cabolis (2008) all provide support for this argument using samples of publicly-traded firms.”
Lost in Translation? The Effect of Cultural Values on Mergers Around the World (2015, background): “…to a line of research that studies the role of formal institutions on cross-border mergers (Rossi and Volpin, 2004; Moeller and Schlingemann, 2005; Bris and Cabolis, 2008; Chari, Ouimet, and Tesar, 2010; Ferreira, Massa, and Matos, 2010; Dinc- and Erel, 2010; Ellis, Moeller, Schlingemann, and…”
ALFRED MARSHALL LECTURE SHAREHOLDER PROTECTION, STOCK MARKET DEVELOPMENT, AND POLITICS (2006, background): “Similarly, crossborder mergers and acquisitions (M&A) serve a governance purpose: Rossi and Volpin (2004) show that companies from countries with better investor protection tend to acquire companies in countries with lower shareholder protection, and Bris and Cabolis (2005) document that such deals ”
The "Antidirector Rights Index" Revisited (2010, background): “, Bris and Cabolis (2008); Dahya, Dimitrov, and McConnell (2008); Fogel, Morck, and Yeung (2008); Giannetti and Koskinen (2008); Huang (2008); John, Litov, and Yeung (2008); and Marosi and Massoud (2008).”
Gains from Mergers and Acquisitions Around the World: New Evidence (2010, unknown): “We concentrate on domestic transactions, which constitute 82% of all public deals worldwide, since premia and gains to acquirers in crossborder acquisitions may reflect the value of shifts in investor protection (Bris and Cabolis, 2008).”