U.S. and European research suggests that firms tend to overpay when acquiring cross-border targets. Our research focuses on an Asian setting. We find that Japanese acquirers pay significantly higher premiums for cross-border targets than for domestic ones. We also find that, in the case of acquisitions of domestic firms, acquirers that are laden with debt or that have higher market-to-book ratios (which signals their attractiveness) pay lower premiums. By contrast, we find that in the case of cross-border acquisitions, neither variable has a significant impact on premiums, which suggests that premiums are not set efficiently for cross-border acquisitions.

中文翻译：

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日本企业多付跨境收购

美国和欧洲的研究表明，企业在收购跨境目标时往往会付出过高的代价。我们的研究侧重于亚洲环境。我们发现日本收购者为跨境目标支付的溢价明显高于国内目标。我们还发现，在收购国内公司的情况下，负债累累或市净率较高（表明其吸引力）的收购方支付的溢价较低。相比之下，我们发现在跨境收购的情况下，这两个变量对溢价都没有显着影响，这表明跨境收购的溢价设置并不有效。