Using a cross-country sample of mergers and acquisitions, we examine the role of cultural, institutional, geographic and managerial factors on post-merger default risk. Our results are consistent with the asymmetric hypothesis that managers take advantage of the overvaluation and volatility of their firm stock prices. We also find that geographic distance and industrial diversification play significant roles in affecting post-merger default risk. We find limited evidence indicating the relevance of institutional quality and culture on default risk.