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

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Title: The impacts of intellectual property rights protection on cross-border M&As
Author: Hasan, Iftekhar ; Khalil, Fahad ; Sun, Xian
Organization: Bank of Finland
Series: Bank of Finland Research Discussion Papers
Series number: 17/2017
Year of publication: 2017
Publication date: 6.8.2017
Pages: 42
Subject (yso): yritykset; fuusiot; yrityskaupat; immateriaalioikeus
Keywords: kehittyvät markkinat; uudistukset
JEL: G32; G34; O31; O34; F43; C23
Other keywords: emerging markets; cross-border M&As; property rights; intellectual protection reforms
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.
Rights: https://helda.helsinki.fi/bof/copyright


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