2015年跨国并购外文翻译--跨境并购和违约风险（节选）

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1、2650 英文单词， 1.5 万英文字符 ，中文 4600 字 文献出处 :Koerniadi H, Krishnamurti C, Tourani-Rad A. Cross-border mergers and acquisitions and default riskJ. International Review of Financial Analysis, 2015, 42:336-348. Cross-border mergers and acquisitions and default risk Hardjo Koerniadi, Chandrasekhar Krishnamurti

2、, Alireza Tourani-Rad Abstract We examine the impact of cross-border mergers on acquirers post-merger default risk using a sample of 375 US acquiring rms from 1997 to 2011. After controlling for cultural, institutional, geographic and managerial factors between the US and target rm countries, we nd

3、that on average, cross-border transactions decrease the level of default risk of the acquiring rms. Our results are consistent with the asymmetric information hypothesis that managers take advantage of the overvaluation and volatility of their stock prices. We also observe that the geo- graphic dist

4、ance and industrial relatedness play signicant roles in affecting post-merger default risk but nd limited evidence indicating the relevance of institutional environments and cultural factors on changes in default risk. Managers use cross-border mergers to manage the extant risk of their rms. However

5、, their incentives to use cross-border mergers to manage risk are mitigated by option compensation. Keywords: Cross-border mergers; Default risk; Idiosyncratic risk 1. Introduction In recent decades, with the acceleration of global nancial market in- tegration, mergers and acquisitions (M&A), both d

6、omestic and cross- border, have been rising steadily. International transactions account for a signicant portion of the total mergers and acquisition deals, reaching to 45% of total merger volume in 2007 (Erel, Liao, & Weisbach, 2012). Moreover, in more advanced economies, cross- border mergers account for more than 80% of the total foreign direct in- vestments (Goergen & Renneboog, 2004). Cross-border mergers and ac- quisitions encompass much more complex issues compared to domesti