Rose C. Liao
Department of Finance and Economics
Rutgers Business School
111 Washington Street
Newark, NJ 07102
NBER Working Papers and Publications
|July 2009||World Markets for Mergers and Acquisitions|
with Isil Erel, Michael S. Weisbach: w15132
Despite the fact that one-third of worldwide mergers involve firms from different countries, the vast majority of the academic literature on mergers studies domestic mergers. What little has been written about cross-border mergers has focused on public firms, usually from the United States. Yet, the vast majority of cross-border mergers involve private firms that are not from the United States. We provide an analysis of a sample of 56,978 cross-border mergers occurring between 1990 and 2007. We first characterize the patterns of who buys whom: Geography matters, with firms being much more likely to purchase firms in nearby countries than in countries far away. Purchasers are usually but not always from developed countries and they tend to purchase firms in countries with lower investo...
Published: “Determinants of Cross-Border Mergers and Acquisitions,” (with Isil Erel and Rose C. Liao), The Journal of Finance, Vol. 67 (June 2012) pp. 1045-1082.