Author： Lowinski Felix Schiereck Dirk Thomas Thomas W.
Publisher： Springer Publishing Company
ISSN： 0924-865X
Source： Review of Quantitative Finance and Accounting, Vol.22, Iss.4, 2004-06, pp. : 315-330
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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.
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