We use both our own and third-party cookies to enhance your user experience. Your continued use of the site means that you accept our cookies policy.

  Winning paper of the I Edition of the
“Jaime Fernández de Araoz on Corporate Finance” Award

Premios_Jfa_entrega2005_cabolisThe winning paper analysed a sample of 506 international mergers and acquisitions, referring to companies in 39 countries in which the regulations regarding the investor protection are subject to change, with those of the acquiring country prevailing. The principal finding is that “when a company is acquired by a company from another country with an increased level of protection, shareholders of the acquired company obtain higher profitability than when the purchasing company comes from the same country”. The study examines the underlying reasons which may explain this finding, concluding that “investors assign a higher value to companies of which the minority shareholders are better protected against the majority shareholders or managers”.

If you would like to read a summary of the winning project, click here, or you can read the complete work by clicking here.