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This paper analyzes the influence of the legal and institutional environment on bidder firm returns around the announcement date of Cross-border Mergers and Acquisitions. Shareholders of acquiring firms place greater value on cross-border M&A announcements than on domestic ones. The stronger (weaker) the legal. And institutional environment of the acquirer firm country in comparison with that of the target. Firm country, the more positive (negative) the effect on acquiringfirm shareholders' valuation of.
This paper analyzes the influence of the legal and institutional environment on bidder firm returns around the announcement date of Cross-border Mergers and Acquisitions. Shareholders of acq…