Essays on IPO and M&A volumes around the world.

摘要

We document the determinants of international differences for IPOs and M&A volumes in 27 countries in this study. The country-specific variables include macroeconomic factors (inflation and changes in Gross Domestic Product) and corporate governance structure (legal environment, ownership structure, accounting disclosure and corruption indexes).; Important determinants of IPOs volumes include the accounting disclosure level, corruption index and law scores. I also perform the Causality analysis to test whether there is a relation between IPOs volume of the U.S. and each of the rest of countries in our sample. The results confirm that the IPOs volumes of the U.S. are related to those of Australia, Hong Kong, Indonesia, Israel, Japan, and New Zealand.; The relation between the M&A volumes, price premium and the variables is examined using country-level regressions analysis. The results suggest that country-specific (e.g., corporate governance structures) help determine M&A volumes and price premium. The most important factor appears to be the accounting disclosure variable. Firms with higher accounting disclosure tend to get involved with more merger and acquisition activities and higher price premium.