The Effect of Cross-Border Acquisitions on Shareholder Wealth -- Evidence from Switzerland

Felix Lowinski (), Dirk Schiereck () and Thomas W. Thomas ()

Review of Quantitative Finance and Accounting, 2004, vol. 22, issue 4, 315-330

Abstract: We analyze the wealth effects of 114 domestic and international acquisitions announced by Swiss corporations between 1990 and 2001. We find no difference between national and cross-border mergers. This may indicate that the international capital markets are highly integrated and is in contrast to recent empirical findings on a prevailing segmentation of capital markets within Europe. We also analyze the role of professional advisors in Swiss M&A transactions. Our results indicate that the expenses for professional advice might outweigh the potential benefits.

Date: 2004
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