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Do cross-border stock exchange consolidations affect cross-border M&A? : a study of cross-border stock exchange consolidations’ effect on merger volumes and payment methods

Petersen, Stian; Wøien, Mats Erik
Master thesis
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URI
https://hdl.handle.net/11250/2680217
Date
2020
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  • Master Thesis [3377]
Abstract
Since the early 2000s, there has been a trend of stock exchanges consolidating across borders

with Euronext and Nasdaq being the most prominent examples. We analyse the effect crossborder stock exchange consolidation has on cross-border M&A using a sample of 61,834

cross-border mergers between 1994 and 2017. We find a small decrease in the number of deals

between public companies, but do not discover any effect on the average deal size. In addition,

we show that transactions with a public acquirer tend to use less stock as consideration poststock exchange consolidation, which forms an argument that consolidated stock exchanges

cause M&A to be perceived as less risky, as stock has inherent risk-sharing properties.

Keywords: Cross-border M&A, stock exchange consolidation, payment method

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