跨国并购投资回报率的计量分析解释
【英文论文】
Cross-Border Acquisitions and Insider Ownership
Mattias Hamberg
Conny Overland
Björn Lantz
Abstract
Several studies document that the bid announcement return (BAR) of cross-border acquisitions is
lower than that of domestic acquisitions. We use uniquely detailed ownership data to examine
how insider information and bid trustworthiness affects the BAR. While cross-border acquisitions
yield lower returns this effect disappears as we adjust for the degree of insider information and
bid trustworthiness caused by pre-bid ownership. Investors do not unconditionally dislike crossborder
acquisitions, but foreign acquirers are more often outsiders that are at a comparative
disadvantage when judging the value of synergies.

【中文PPT详解】
一些研究分析指出:跨国收购的招标公告回报（Bid Announcement Return，BAR）低于国内收购。
文章通过详实的所有权相关数据（Ownership Data）来检验：
①局内人信息（Insider Information）
②投标可信度（Bid Trustworthiness）
是如何影响BAR的。

尽管从数据上看，跨国收购产生的回报率较国内收购较低，我们发现，当调整以上两点（即在回归模型中控制代表这两点的变量）时，这一低回报效应便消失了。

结论：投资者并非无条件地不喜欢跨国收购，其回报率较低的原因是国外收购者通常更有可能是“局外人”（Outsider），从而在评估收购后的协同价值（value of synergy）时处于相对劣势的地位。