2018年股利政策外文翻译--股利政策在跨国并购中的作用（节选）

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1、3200 英文单词， 1.8 万英文字符 ，中文 5600 字 文献出处： Kaprielyan M, Brady K. The Role of Dividend Policy in Cross-Border Mergers and AcquisitionsJ. Journal of Multinational Financial Management, 4748 (2018) 1430 The role of dividend policy in cross-border mergers and acquisitions Margarita Kaprielyan, Kevin Brady A

2、bstract Recent studies show that characteristics of mergers and acquisitions (M&A) between U.S. rms depend on the dividend policies of bidders and targets in accordance with predictions of asymmetric information, catering and clientele theories. We extend these ndings by using variation in sharehold

3、er protection and link dividend policy to cross-border M&A deal characteristics using agency theory. After conrming the agency-based predictions of the outcome model of dividends within the context of our sample, we show that the dividend-paying statuses of bidders and targets affect the method of p

4、ayment, the bid premium, and the future dividend policy of the combined entity in cross-border deals, and that the effects are often different from the previous ndings in the U.S. deals. Our paper also shows that the rm-level dividend policy status of bidders and targets provides insight on M&A char

5、acteristics beyond those identied in prior studies using only differences in country-level governance measures. Keywords: Cross-border mergers and acquisitions; Dividend policy; Bid premium; Method of payment; Corporate governance 1. Introduction We investigate how bidder and target dividend policie

6、s impact deal characteristics in cross-border M&A. The role of dividend policy in M&A has only recently been examined with a focus on domestic transactions between U.S. rms. Dereeper and Turki (2012,2013 and 2016), show that differences in the dividend policies between bidders and targets affect the method of payment, deal completion rate, bid premiums, and future dividend policy in U.S. transactions. These authors use asymmetric information theory to predict variation in the method