Investor protection and cross-border acquisitions by Chinese listed firms: The moderating role of institutional shareholders

This study examines whether-and if so, how-market value for the acquirers from emerging markets is influenced by changes in investor protection induced by acquisitions, in interaction with institutional shareholdings in acquiring firms. Using a sample of Chinese listed acquiring firms for the period 2002–2012, the empirical findings show that Chinese companies gain higher abnormal returns at the takeover period through acquisitions of targets...