Information-signaling and competitive eects of foreign acquisitions in the US
نویسندگان
چکیده
The stock price eects for the domestic competitors of foreign acquisition targets in the US are found to be signi®cantly positive. These results imply that signals of favorable industry conditions conveyed through cross-border acquisitions dominate any perceived changes in competitive balance. Consistent with the information-signaling hypothesis, the stock price eects are more favorable for relatively small competitors, for rivals with stock returns that are highly correlated with the targetÕs stock returns, when the targets experience favorable stock price eects, in technologically-intense industries, for rivals with poor prior performance, and with related acquisitions. Consistent with the competitive hypothesis, the stock price eects are less favorable with high degrees of ®nancial leverage and when the acquirers already have a presence in the US. Ó 2000 Elsevier Science B.V. All rights reserved. JEL classi®cation: F23; G34
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