{"title":"Worth Waiting For-Evidence of Late-Mover Benefits in Cross-Border Mergers and Acquisitions","authors":"Tanja Steigner, Ninon K. Sutton","doi":"10.2139/ssrn.2154664","DOIUrl":null,"url":null,"abstract":"INTRODUCTION In cross-border acquisitions, do good things come to those who wait, or do early acquirers seize the best investment opportunities? While previous research has analyzed the advantages and disadvantages of either strategy in domestic takeovers, the value implications of cross-border MA Markides and Ittner 1994; Morck and Yeung 1992; Pantzalis, Park and Sutton 2008; Steigner and Sutton 2011). Although previous studies have identified certain factors that influence bidders' wealth gains in cross-border mergers, the strategic implications of early-mover versus late-mover acquisitions have not been specifically explored in a global context. …","PeriodicalId":165017,"journal":{"name":"Quarterly Journal of Finance and Accounting","volume":"24 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2015-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Quarterly Journal of Finance and Accounting","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.2154664","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 0
Abstract
INTRODUCTION In cross-border acquisitions, do good things come to those who wait, or do early acquirers seize the best investment opportunities? While previous research has analyzed the advantages and disadvantages of either strategy in domestic takeovers, the value implications of cross-border MA Markides and Ittner 1994; Morck and Yeung 1992; Pantzalis, Park and Sutton 2008; Steigner and Sutton 2011). Although previous studies have identified certain factors that influence bidders' wealth gains in cross-border mergers, the strategic implications of early-mover versus late-mover acquisitions have not been specifically explored in a global context. …
在跨国收购中，是坐享其成，还是先行者抓住了最好的投资机会?虽然以前的研究已经分析了两种战略在国内收购中的优势和劣势，但跨境并购的价值含义(Markides and Ittner 1994;Morck and Yeung 1992;Pantzalis, Park and Sutton 2008;Steigner and Sutton 2011)。虽然以前的研究已经确定了影响跨国并购中竞标者财富收益的某些因素，但在全球背景下，先行者与后行者收购的战略含义尚未得到具体探讨。…
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