Optimal Decision-Making in Chinese Cross-Border Mergers and Acquisitions: A Perspective of Overbidding

Table 4

Sample for estimating the bidder’s profit.

Items	Number of deals
Cross-border merger and acquisition deals on and after January 1, 2009, and up to December 31, 2019, with the acquirer originating from China and the targets’ countries from members of the Organization for Economic Co-operation and Development (OECD)	1,088
Less: uncompleted deals	(291)
Less: unlisted acquiring firms	(290)
Less: observation with missing data	(161)
	346

Data source: the cross-border merger and acquisition data are from the Zephyr database. The financial data and stock return data are from the China Stock Market and Accounting Research Database (CSMAR).