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Jeffrey M.Coy 사람과세계경영학회 2012 Global Business and Finance Review Vol.17 No.1
Most cross-border transactions by U.S. firms occur when the target’s market is in a period of high valuation. In this study, I show that timing of cross-border acquisitions by U.S. firms can have a positive impact on announcement returns and on two-year buy-and-hold returns if the acquisition occurs during a period of low market valuation in the target’s country. During such periods, abnormal announcement returns and the two-year buy-and-hold abnormal returns are significantly higher than when the acquisition is made during periods of high target market valuation. The implication is that if a short difference in acquisition timing—a month or less— can have a significant impact on the value of the firm, then timing should always be given serious consideration.