[雙語翻譯]跨國并購?fù)馕姆g--跨境并購和違約風(fēng)險（節(jié)選）

1、2650 英文單詞， 英文單詞，1.5 萬英文字符，中文 萬英文字符，中文 4600 字文獻出處 文獻出處:Koerniadi H, Krishnamurti C, Tourani-Rad A. Cross-border mergers and acquisitions and default risk[J]. International Review of Financial Analysis, 2015, 42:336-348.Cr

2、oss-border mergers and acquisitions and default riskHardjo Koerniadi, Chandrasekhar Krishnamurti, Alireza Tourani-RadAbstractWe examine the impact of cross-border mergers on acquirers' post-merger default risk using

3、a sample of 375 US acquiring firms from 1997 to 2011. After controlling for cultural, institutional, geographic and managerial factors between the US and target firm countries, we find that on average, cross-border trans

4、actions decrease the level of default risk of the acquiring firms. Our results are consistent with the asymmetric information hypothesis that managers take advantage of the overvaluation and volatility of their stock pri

5、ces. We also observe that the geo- graphic distance and industrial relatedness play significant roles in affecting post-merger default risk but find limited evidence indicating the relevance of institutional environments

6、 and cultural factors on changes in default risk. Managers use cross-border mergers to manage the extant risk of their firms. However, their incentives to use cross-border mergers to manage risk are mitigated by option c

7、ompensation.Keywords: Cross-border mergers; Default risk; Idiosyncratic risk1. IntroductionIn recent decades, with the acceleration of global financial market in- tegration, mergers and acquisitions (M Galai & Masuli

8、s, 1976). This insight is valid when the bidder and target have roughly equally risky cash flows and asset diversification resulting in total risk reduction. In reality, however, when the risk is measured as a default ri

9、sk, the evidence is mixed. Furfine and Rosen (2011), as mentioned earlier, find strong empirical evidence that domestic mergers result in an increase in post-merger default risk. In the context of bank M&A deals, whe

10、re default risk is important, empirical evidence for the US indicates that the post-merger default probability is lower due to portfolio diversification (Emmons, Gilbert, & Yeager, 2004), geographic diversification (

11、Hughes, Lang, Mester, & Moon, 1999), and activity diversification (Van Lelyveld & Knot, 2009). In the case of European bank mergers, Vallascas and Hagendorff (2011) find that on average, these transactions are ri

12、sk neutral.Mergers and acquisitions, especially those which involve crossborder deals, are complex transactions. A host of deal, acquirer, and institutional factors influence the post-merger default risk of the combined

13、entity. We therefore survey the relevant literature and draw testable implications based on underlying theory. We segment our discussion into three categories: deal characteristics, managerial incentives and cross-border