Domestic vs. Cross-border Mergers and Acquisitions: which one grants a higher return from the acquirer shareholders' perspective

In this dissertation, I investigated whether the M&A transactions that give the highest return to the acquirer are those done in the domestic country (domestic M&A) or those done across country borders (cross-border M&A). To perform this analysis, I conducted an event study using a sample of M&A deals both domestic and cross-border the market model technique, and then analyzing the cumulative abnormal returns of the acquirers in these deals to compare them with the average returns of a benchmark index.