Wenxuan Huang , Weidong Xu , Donghui Li , Ling Zhao , Shijie Yang
{"title":"市场错误估值是否会推动跨国并购？","authors":"Wenxuan Huang , Weidong Xu , Donghui Li , Ling Zhao , Shijie Yang","doi":"10.1016/j.intfin.2024.101960","DOIUrl":null,"url":null,"abstract":"<div><p>Employing a panel sample of 61,532 cross-border mergers between 2000 and 2020, we investigate the impact of market misvaluation on corporate cross-border mergers and acquisitions (CBMAs). We find that firms with higher market misvaluation launch more CBMAs and tend to pay with their overvalued stock. However, the effect of market misvaluation on CBMAs will weaken over time. CBMAs driven by high market misvaluation result in lower short-term stock returns and better long-term profitability. Cross-sectional analyses show that the impact of market misvaluation on CBMAs can be mitigated by stronger country-level uncertainty avoidance and masculinism culture, while it is more pronounced in high individualism culture. At the firm level, the monitoring role of institutional investors and analysts can mitigate the impact of market misvaluation on CBMAs. Our results remain robust in various robustness tests and after addressing endogeneity concerns.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"92 ","pages":"Article 101960"},"PeriodicalIF":5.4000,"publicationDate":"2024-02-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Does market misvaluation drive cross-border M&As?\",\"authors\":\"Wenxuan Huang , Weidong Xu , Donghui Li , Ling Zhao , Shijie Yang\",\"doi\":\"10.1016/j.intfin.2024.101960\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>Employing a panel sample of 61,532 cross-border mergers between 2000 and 2020, we investigate the impact of market misvaluation on corporate cross-border mergers and acquisitions (CBMAs). We find that firms with higher market misvaluation launch more CBMAs and tend to pay with their overvalued stock. However, the effect of market misvaluation on CBMAs will weaken over time. CBMAs driven by high market misvaluation result in lower short-term stock returns and better long-term profitability. Cross-sectional analyses show that the impact of market misvaluation on CBMAs can be mitigated by stronger country-level uncertainty avoidance and masculinism culture, while it is more pronounced in high individualism culture. At the firm level, the monitoring role of institutional investors and analysts can mitigate the impact of market misvaluation on CBMAs. Our results remain robust in various robustness tests and after addressing endogeneity concerns.</p></div>\",\"PeriodicalId\":48119,\"journal\":{\"name\":\"Journal of International Financial Markets Institutions & Money\",\"volume\":\"92 \",\"pages\":\"Article 101960\"},\"PeriodicalIF\":5.4000,\"publicationDate\":\"2024-02-06\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of International Financial Markets Institutions & Money\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S104244312400026X\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of International Financial Markets Institutions & Money","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S104244312400026X","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
Employing a panel sample of 61,532 cross-border mergers between 2000 and 2020, we investigate the impact of market misvaluation on corporate cross-border mergers and acquisitions (CBMAs). We find that firms with higher market misvaluation launch more CBMAs and tend to pay with their overvalued stock. However, the effect of market misvaluation on CBMAs will weaken over time. CBMAs driven by high market misvaluation result in lower short-term stock returns and better long-term profitability. Cross-sectional analyses show that the impact of market misvaluation on CBMAs can be mitigated by stronger country-level uncertainty avoidance and masculinism culture, while it is more pronounced in high individualism culture. At the firm level, the monitoring role of institutional investors and analysts can mitigate the impact of market misvaluation on CBMAs. Our results remain robust in various robustness tests and after addressing endogeneity concerns.
期刊介绍：
International trade, financing and investments, and the related cash and credit transactions, have grown at an extremely rapid pace in recent years. The international monetary system has continued to evolve to accommodate the need for foreign-currency denominated transactions and in the process has provided opportunities for its ongoing observation and study. The purpose of the Journal of International Financial Markets, Institutions & Money is to publish rigorous, original articles dealing with the international aspects of financial markets, institutions and money. Theoretical/conceptual and empirical papers providing meaningful insights into the subject areas will be considered. The following topic areas, although not exhaustive, are representative of the coverage in this Journal. • International financial markets • International securities markets • Foreign exchange markets • Eurocurrency markets • International syndications • Term structures of Eurocurrency rates • Determination of exchange rates • Information, speculation and parity • Forward rates and swaps • International payment mechanisms • International commercial banking; • International investment banking • Central bank intervention • International monetary systems • Balance of payments.
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