The Effect of Cross-Border Acquisitions on Shareholder Wealth — Evidence from Switzerland

  • Felix Lowinski
  • Dirk Schiereck
  • Thomas W. Thomas


We analyze the wealth effects of 114 domestic and international acquisitions announced by Swiss corporations between 1990 and 2001. We find no difference between national and cross-border mergers. This may indicate that the international capital markets are highly integrated and is in contrast to recent empirical findings on a prevailing segmentation of capital markets within Europe. We also analyze the role of professional advisors in Swiss M&A transactions. Our results indicate that the expenses for professional advice might outweigh the potential benefits.

acquisitions capital market integration corporate control cross-border acquisitions mergers investment banks Switzerland 


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Copyright information

© Kluwer Academic Publishers 2004

Authors and Affiliations

  • Felix Lowinski
    • 1
  • Dirk Schiereck
    • 2
  • Thomas W. Thomas
    • 3
  1. 1.Department of Economics and ManagementWitten/Herdecke UniversityWittenGermany, Tel:
  2. 2.Endowed Chair of Banking and Finance, Schloss ReichartshausenEuropean Business SchoolOestrich-WinkelGermany, Tel:
  3. 3.Berkeley, IIRUniversity of CaliforniaBerkeley

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