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題名 Do Cross-Border Acquisitions of U.S. Targets Differ from U.S. Domestic Take overs? Are They Predictable?
作者 Chen, Chao ;Su, Robert
蘇瓜藤
貢獻者 會計系
日期 1997-03
上傳時間 4-三月-2014 15:26:01 (UTC+8)
摘要 This paper examines whether cross-border acquisitions in the U.S. focus more on technology intensive targets than do domestic acquisitions. In addition to the technology effect, are there any other reasons why a firm is more likely to be a foreign target than a domestic target? The empirical results indicate significant difference between foreign and domestic target characteristics such as technology, size, liquidity, profitability, Q ratio, and growth. Among them, technology, liquidity, and profitability are the determinants for the choices between foreign and domestic takeover targets. Surprisingly, the R&D expenditures of U.S. targets in cross-border acquisitions are relatively lower than those of domestic targets. Moreover, U.S. targets of cross-border takeovers are financially worse than U.S. targets of domestic takeovers. In general, the predicting ability of logit models for cross-border targets is better than that for domestic targets, but it is only marginally better than random prediction.
關聯 Global Finance Journal, 8(1), 71-82
資料類型 article
DOI http://dx.doi.org/10.1016/S1044-0283(97)90006-5
dc.contributor 會計系en_US
dc.creator (作者) Chen, Chao ;Su, Roberten_US
dc.creator (作者) 蘇瓜藤zh_TW
dc.date (日期) 1997-03en_US
dc.date.accessioned 4-三月-2014 15:26:01 (UTC+8)-
dc.date.available 4-三月-2014 15:26:01 (UTC+8)-
dc.date.issued (上傳時間) 4-三月-2014 15:26:01 (UTC+8)-
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/64420-
dc.description.abstract (摘要) This paper examines whether cross-border acquisitions in the U.S. focus more on technology intensive targets than do domestic acquisitions. In addition to the technology effect, are there any other reasons why a firm is more likely to be a foreign target than a domestic target? The empirical results indicate significant difference between foreign and domestic target characteristics such as technology, size, liquidity, profitability, Q ratio, and growth. Among them, technology, liquidity, and profitability are the determinants for the choices between foreign and domestic takeover targets. Surprisingly, the R&D expenditures of U.S. targets in cross-border acquisitions are relatively lower than those of domestic targets. Moreover, U.S. targets of cross-border takeovers are financially worse than U.S. targets of domestic takeovers. In general, the predicting ability of logit models for cross-border targets is better than that for domestic targets, but it is only marginally better than random prediction.en_US
dc.format.extent 861489 bytes-
dc.format.mimetype application/pdf-
dc.language.iso en_US-
dc.relation (關聯) Global Finance Journal, 8(1), 71-82en_US
dc.title (題名) Do Cross-Border Acquisitions of U.S. Targets Differ from U.S. Domestic Take overs? Are They Predictable?en_US
dc.type (資料類型) articleen
dc.identifier.doi (DOI) 10.1016/S1044-0283(97)90006-5-
dc.doi.uri (DOI) http://dx.doi.org/10.1016/S1044-0283(97)90006-5-