The role of state ownership on acquisition premia: Do Chinese enterprises pay systematically higher acquisition premia?
Usually, high acquisition premia are considered to be a proxy for aggressive management style, extremely risk-taking behavior and poor managerial decision making and ultimately failure. In the case of China, it is questionable if this assumption can hold true. In general, cross border M&A failure rate is high and did not vary significantly over time. A study by KPMG found that only 17% of cros