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Issue 5(1), October 2010 -- Paper Abstracts
Girard  (p. 9-22)
Cooper (p. 23-32)
Kunz-Osborne (p. 33-41)
Coulmas-Law (p.42-46)
Stasio (p. 47-56)
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JOURNAL OF ACCOUNTING AND FINANCE

Bidder Returns and Corporate Governance: Evidence from China’s domestic Acquisitions and Mergers


Author(s): Yao Cheng

Citation: Yao Cheng, (2017) "Bidder Returns and Corporate Governance: Evidence from China’s domestic Acquisitions and Mergers",  Journal of Accounting and Finance, Vol. 17, Iss. 7, pp.104-139

Article Type: Research paper

Publisher: North American Business Press

Abstract:

This study examines how corporate governance influences short-term and long-term bidder returns from China’s domestic mergers and acquisitions during 2007-2016. Our initial results from events analyses show that market responses differ in ways which suggest a difference in how the market’s assessment of share price from the perspectives of short run and long run. Our long-term regression analyses show that the positive impact of executive ownership remains. Independent directors record a negative effect on abnormal returns. Nevertheless, board independence measured by the composite corporate governance index exerts a significant, positive effect on shareholder wealth.