Deal completion in cross border acquisitions waves: The role of deal timing and pace

Abstract Research Summary Cross‐border acquisitions (CBAs) exhibit a wave‐like pattern, clustering temporally, industry‐wise, and at the country level. We draw upon bargaining power perspective argue that CBA wave context alters relative position between acquirer target firms, which affects deal completion. Our findings suggest acquisition deals have lower likelihood of completion compared to non‐wave deals. However, within wave, we find acquirers move early with high pace higher test our arguments on simulation‐based dataset comprising 17,815 identified 1990 2012 across 13 21 countries. contribute literature by differentiating environments their impact Managerial often happen in waves emerge industry country‐levels. These are characterized heightened level activities such firms is different as outside waves. As result, announced less likely be completed than those At same time, acquiring announce an stage faster speed conduct more successfully close other firms.