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The impacts of intellectual property rights protection on cross-border M&As

Iftekhar Hasan, Fahad Khalil and Xian Sun

No 17/2017, Bank of Finland Research Discussion Papers from Bank of Finland

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.

JEL-codes: C23 F43 G32 G34 O31 O34 (search for similar items in EconPapers)
Date: 2017
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