カシフ　アハマド   Kashif Ahmed   カシフ・アハマド    所属   京都外国語大学  外国語学部 英米語学科    職種   講師
言語種別	英語
発行・発表の年月	2021/01
形態種別	論文
査読	査読あり
標題	Japanese firms' overpayments for cross‐border acquisitions
執筆形態	共著
掲載誌名	International Finance
掲載区分	国外
巻・号・頁	24(2),pp.257-273
著者・共著者	Bebenroth, R.* & Ahmed, K.
概要	U.S. and European studies show that firms often overpay for cross-border targets. Focusing on Asia, we find that Japanese acquirers pay much higher premiums for cross-border deals than for domestic ones. For domestic acquisitions, acquirers with higher debt levels or higher market-to-book ratios, indicating strong valuation, tend to pay lower premiums. However, in cross-border deals, neither debt nor market-to-book ratios significantly affects premiums. This suggests that premiums for cross-border acquisitions are not set efficiently.
DOI	https://doi.org/10.1111/infi.12387
researchmap用URL	https://doi.org/10.1111/infi.12387