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
dc.contributor.advisor | Lithell, Markus | |
dc.contributor.author | Petersen, Stian | |
dc.contributor.author | Wøien, Mats Erik | |
dc.date.accessioned | 2020-09-29T09:29:24Z | |
dc.date.available | 2020-09-29T09:29:24Z | |
dc.date.issued | 2020 | |
dc.identifier.uri | https://hdl.handle.net/11250/2680217 | |
dc.description.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 | en_US |
dc.language.iso | eng | en_US |
dc.subject | financial economics | en_US |
dc.title | 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 | en_US |
dc.type | Master thesis | en_US |
dc.description.localcode | nhhmas | en_US |
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Master Thesis [4209]