New publication in the European Accounting Review!

In the article "Investors' assessment of cross-border M&A - what drives announcement returns post-TCJA?", Max Pflitsch examines the impact of the 2017 US tax reform on cross-border corporate takeovers. The study shows that investors view such acquisitions much more negatively after the reform than before - especially for companies that were heavily affected by foreign-bound profits before the reform. The results indicate that inefficient foreign acquisitions persist even after the tax reform and have become less attractive from the perspective of the capital markets. Click here for the article: https://doi.org/10.1080/09638180.2025.2576223