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Tekijä: | Ragozzino, R. Reuer, J.J. |
Otsikko: | Geographic distance and corporate acquisitions: signals from IPO firms |
Lehti: | Strategic Management Journal
2011 : AUG, VOL. 32:8, p. 876-894 |
Asiasana: | geography initial public offerings companies |
Vapaa asiasana: | acquisitions |
Kieli: | eng |
Tiivistelmä: | This paper deals with firm acquisitions after having undergone initial public offerings (IPOs). It is examined whether the presence or absence of different signals on IPO firms has an impact on the geographic proximity of acquirers. The central developed and tested proposition is that specific characteristics of IPOs, venture capitalist backing, investment bank reputation, and underpricing of issued shares mediates signals on these firms, which can ease acquisitions by more remote acquirers more likely to face the risk of adverse selection. |
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