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
Series: Quarterly Journal of Finance
Series volume: 7
Series number: 3
Year of publication: 2017
Publication date: 15.9.2017
Published in: BoF DP 17/2017
DOI: https://doi.org/10.1142/S2010139217500057
Keywords: fuusiot; yrityskaupat; immateriaalioikeus; yritykset; kehittyvät markkinat
JEL: G32; G34; O31; O34; F43; C23
Other keywords: cross-border M&As; emerging markets; intellectual protection reforms; property rights
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.


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