Table III Variables by type of...

Table III

Variables by type of acquisition

	All acquisitions	Minority acquisitions	Majority acquisitions	100% acquisitions
Shareholder protection dispersion	200	80	120	79
	48.2%	49.7%	47.2%	42.5%
Creditor protection dispersion	146	56	90	63
	35.2%	34.8%	35.4%	33.9%
Bootstrapping (investor protection)	5	2	3	3
	1.2%	1.2%	1.2%	1.6%
Bootstrapping (creditor protection)	10	4	6	5
	2.4%	2.5%	2.4%	2.7%
Common law	234	87	147	114
	56.4%	54.0%	57.9%	61.3%
Same language	280	110	170	127
	67.5%	68.3%	66.9%	68.3%
Prior presence	163	88	75	57
	39.3%	54.7%	29.5%	30.6%
Diversification	85	35	50	42
	20.5%	21.7%	19.7%	22.6%
Target listed	98	51	47	36
	23.6%	31.7%	18.5%	19.4%
Cash payment	184	75	109	71
	44.3%	46.6%	42.9%	38.2%
Total	415	161	254	186

	All acquisitions	Minority acquisitions	Majority acquisitions	100% acquisitions
Shareholder protection dispersion	200	80	120	79
	48.2%	49.7%	47.2%	42.5%
Creditor protection dispersion	146	56	90	63
	35.2%	34.8%	35.4%	33.9%
Bootstrapping (investor protection)	5	2	3	3
	1.2%	1.2%	1.2%	1.6%
Bootstrapping (creditor protection)	10	4	6	5
	2.4%	2.5%	2.4%	2.7%
Common law	234	87	147	114
	56.4%	54.0%	57.9%	61.3%
Same language	280	110	170	127
	67.5%	68.3%	66.9%	68.3%
Prior presence	163	88	75	57
	39.3%	54.7%	29.5%	30.6%
Diversification	85	35	50	42
	20.5%	21.7%	19.7%	22.6%
Target listed	98	51	47	36
	23.6%	31.7%	18.5%	19.4%
Cash payment	184	75	109	71
	44.3%	46.6%	42.9%	38.2%
Total	415	161	254	186

Notes: Bootstrapping equals 1 if the target company’s index value for investor protection is above the global median and the acquirer’s index is below it. The other variables are defined in Table AI

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