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The Impacts of Intellectual Property Rights Protection on Cross-Border M&As

Author:
Hasan, Iftekhar   Khalil, Fahad   Sun, Xian   


Journal:
Quarterly Journal of Finance


Issue Date:
2017


Abstract(summary):

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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