The Impacts of Intellectual Property Rights Protection on Cross-Border M&As

Iftekhar Hasan, Fahad Khalil and Xian Sun ()
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Xian Sun: Carey Business School, Johns Hopkins University, 100 N. Charles Street, Baltimore, MD, 21201, USA

Quarterly Journal of Finance (QJF), 2017, vol. 07, issue 03, 1-35

Abstract: We investigate the impacts of improved intellectual property rights (IPR) protection on cross-border M&A performance. Using multiple measures of IPR protection and based on generalized difference-in-differences estimates, we find that countries with better IPR protection attract significantly more hi-tech cross-border M&A activity, particularly in developing economies. Moreover, acquirers pay higher premiums for companies in countries with better IPR protection, and there is a significantly higher acquirer announcement effect associated with these hi-tech transactions.

Keywords: Intellectual protection reforms; property rights; cross-border M&As; emerging markets (search for similar items in EconPapers)
Date: 2017
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Citations: View citations in EconPapers (2)

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Working Paper: The impacts of intellectual property rights protection on cross-border M&As (2017)
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DOI: 10.1142/S2010139217500057

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