期刊
JOURNAL OF INTERNATIONAL MONEY AND FINANCE
卷 70, 期 -, 页码 288-318出版社
ELSEVIER SCI LTD
DOI: 10.1016/j.jimonfin.2016.09.003
关键词
Cross-border mergers and acquisitions; Banking deregulation; External finance dependence
We study host and source country finance and the interplay between the two in determining the incidence and intensity of cross border mergers and acquisitions (M&As) into the U.S. We find that states adopting interstate banking deregulation attract a greater number and higher total volume of cross-border M&A deals. We also document a positive impact of source country financial depth on the incidence of cross-border M&As and uncover a substitution effect between local and source country bank finance. The effects are larger for deals where cash is used as the method of payment as well as for firms that are more dependent on external finance, and smaller for publicly traded firms. (C) 2016 Elsevier Ltd. All rights reserved.
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