{"title":"上市公司与非上市公司的收购:不同法律和制度环境下的决定因素","authors":"Isabel Feito-Ruiz, Susana Menéndez Requejo","doi":"10.2139/ssrn.2291049","DOIUrl":null,"url":null,"abstract":"Acquiring firm shareholders place greater value on the purchase of unlisted firms (2.71%) than listed ones (0.59%) for Mergers and Acquisitions (M&As) performed by European listed firms from 2002 to 2007. Managerial opportunism is a determinant in the acquisition of listed firms, occurring with greater probability in countries in which acquiring firm shareholders receive less protection. Another determinant is information asymmetry, which favors a discount in the price of acquisitions of unlisted firms. In line with this result, the less developed the capital market in the country of the acquired firm, the greater the probability of acquisitions of listed firms.","PeriodicalId":114900,"journal":{"name":"LSN: Corporate Governance International (Topic)","volume":"475 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2013-07-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Acquisition of Listed vs Unlisted Firms: Determinants in Different Legal and Institutional Environments\",\"authors\":\"Isabel Feito-Ruiz, Susana Menéndez Requejo\",\"doi\":\"10.2139/ssrn.2291049\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"Acquiring firm shareholders place greater value on the purchase of unlisted firms (2.71%) than listed ones (0.59%) for Mergers and Acquisitions (M&As) performed by European listed firms from 2002 to 2007. Managerial opportunism is a determinant in the acquisition of listed firms, occurring with greater probability in countries in which acquiring firm shareholders receive less protection. Another determinant is information asymmetry, which favors a discount in the price of acquisitions of unlisted firms. In line with this result, the less developed the capital market in the country of the acquired firm, the greater the probability of acquisitions of listed firms.\",\"PeriodicalId\":114900,\"journal\":{\"name\":\"LSN: Corporate Governance International (Topic)\",\"volume\":\"475 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2013-07-08\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"LSN: Corporate Governance International (Topic)\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/ssrn.2291049\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"LSN: Corporate Governance International (Topic)","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.2291049","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
Acquisition of Listed vs Unlisted Firms: Determinants in Different Legal and Institutional Environments
Acquiring firm shareholders place greater value on the purchase of unlisted firms (2.71%) than listed ones (0.59%) for Mergers and Acquisitions (M&As) performed by European listed firms from 2002 to 2007. Managerial opportunism is a determinant in the acquisition of listed firms, occurring with greater probability in countries in which acquiring firm shareholders receive less protection. Another determinant is information asymmetry, which favors a discount in the price of acquisitions of unlisted firms. In line with this result, the less developed the capital market in the country of the acquired firm, the greater the probability of acquisitions of listed firms.