Bilateral M&A Activity from the Global South

This paper studies the factors associated with outbound bilateral mergers and acquisitions (M&A) activity by firms located in emerging economies. The authors document recent trends in emerging market M&A flows, which have risen dramatically over the past decade, and explore the factors that may have contributed to this rise. They find distinct patterns for M&A deals according to whether the acquisition targets are in other emerging economies or advanced countries, and that these differences can be attributed to differing theoretical motivations behind foreign direct investment. The authors also consider the implications of their model for future M&A originating in the global South, in light of the global financial crisis of 2008.

Bibliographic Details

Main Authors:	Dailami, Mansoor, Kurlat, Sergio, Lim, Jamus Jerome
Language:	English
Published:	2012-01-01
Subjects:	ACCUMULATION OF RESERVES, ADVANCED COUNTRIES, ADVANCED COUNTRY, ADVANCED ECONOMIES, ADVANCED ECONOMY, AGRICULTURAL COMMODITY, AGRICULTURAL PRICE, ANNUAL GROWTH, ASSETS, BENCHMARK, BENCHMARK SPECIFICATIONS, BILATERAL TRADE, BOND RATING, CAPITAL FLOW, CAPITAL FLOWS, CHECKS, COMMODITY PRICES, COMPARATIVE ADVANTAGE, CONSTANT MATURITY, CONTROL VARIABLES, CORPORATE BOND, CORPORATE BOND ISSUANCE, CORPORATE BONDS, CORPORATE GROWTH, COUNTRY DEVELOPMENT, COUNTRY RISK, CROSS-BORDER INVESTMENT, CROSS-BORDER INVESTMENTS, CROSS-BORDER MERGERS, CROSS-BORDER TRANSACTIONS, DEBT, DEBT ISSUES, DEPENDENT VARIABLE, DEVELOPING COUNTRIES, DEVELOPING ECONOMIES, DEVELOPMENT ECONOMICS, DEVELOPMENT POLICY, DIVERSIFICATION BENEFITS, DOMESTIC CREDIT, DOMESTIC STOCK, DOMESTIC STOCK MARKET, ECONOMETRIC ANALYSIS, ECONOMETRIC MODEL, ECONOMIC DEVELOPMENT, ECONOMIC GROWTH, ECONOMIC MODELS, ECONOMIC POLICIES, ECONOMIC RESEARCH, ECONOMIC RISK, ECONOMIC SIZE, ECONOMIES OF SCALE, EMERGING ECONOMIES, EMERGING ECONOMY, EMERGING MARKET, EMERGING MARKET ECONOMIES, EMERGING MARKET FIRMS, EMERGING MARKETS, EMERGING MULTINATIONAL, EMERGING-MARKET, ENERGY PRICE, EQUITY HOLDINGS, EQUITY STAKE, ERROR COMPONENTS, ESTIMATION STRATEGIES, EXPENDITURE, EXPORTS, FACTOR PRICE, FACTOR PRICES, FINANCIAL CRISIS, FINANCIAL DEVELOPMENT, FINANCIAL FACTORS, FINANCIAL OPENNESS, FINANCIAL RISK, FINANCIAL SERVICES, FIXED EFFECTS, FORECASTS, FOREIGN COMPANY, FOREIGN CURRENCY, FOREIGN CURRENCY RESERVES, FOREIGN DIRECT INVESTMENT, FOREIGN MARKET, FOREIGN MARKETS, FOREIGN RESERVES, FOREIGN TRADE, FUTURE RESEARCH, GDP, GDP PER CAPITA, GLOBAL ECONOMIC PROSPECTS, GLOBAL ECONOMY, GLOBAL MACROECONOMIC CONDITIONS, GLOBAL TRADE, GLOBALIZATION, GRAVITY MODEL, GROSS DOMESTIC PRODUCT, GROSS DOMESTIC PRODUCT PER CAPITA, GROWTH PROJECTIONS, GROWTH RATE, GROWTH RATES, HOLDINGS, HOME COUNTRIES, HOME COUNTRY, HOME MARKETS, HOST COUNTRIES, HOST COUNTRY, HOST ECONOMIES, HUMAN CAPITAL, IMPERFECT COMPETITION, INCOME, INCOMES, INCREASING RETURNS, INSTITUTIONAL ENVIRONMENT, INSTITUTIONAL ENVIRONMENTS, INTELLECTUAL PROPERTY, INTERNATIONAL BANK, INTERNATIONAL BOND, INTERNATIONAL BOND MARKETS, INTERNATIONAL BUSINESS, INTERNATIONAL CAPITAL, INTERNATIONAL CAPITAL MARKETS, INTERNATIONAL ECONOMICS, INTERNATIONAL ECONOMY, INTERNATIONAL FINANCIAL STATISTICS, INTERNATIONAL INVESTMENT, INTERNATIONAL RESERVE, INTERNATIONAL RESERVES, INTERNATIONAL TRADE, INVESTING, INVESTMENT ACTIVITY, INVESTMENT BANKS, INVESTMENT CLIMATES, INVESTMENT REGIMES, INVESTMENT STRATEGIES, LARGE-SCALE INVESTMENT, LEGAL ENVIRONMENT, LOAN, LOCAL ECONOMY, LOCAL MARKETS, MACROECONOMIC CONDITIONS, MARGINAL COST, MARKET CAPITALIZATION, MARKET COUNTRY, MARKET PENETRATION, MARKET SIZE, MARKET STRUCTURE, MARKET STRUCTURES, MARKET TURNOVER, MERGERS, MIDDLE-INCOME COUNTRIES, NEW MARKETS, OUTPUT, PATENTS, PER CAPITA INCOME, PER CAPITA INCOMES, POLITICAL ECONOMY, POLITICAL RISK, POLITICAL STABILITY, POSITIVE COEFFICIENT, POTENTIAL OUTPUT, PRICE INDEX, PRIVATE CAPITAL, PRIVATE CAPITAL FLOWS, PRIVATE CAPITAL INFLOWS, PROPERTY RIGHTS, PUBLIC POLICY, PURCHASING, RATE OF GROWTH, REAL ESTATE, REAL GROSS DOMESTIC PRODUCT, REGRESSION ANALYSES, REGULATORS, RESERVE, RESERVE HOLDINGS, RESERVES, RETURN, RETURNS, RISK EXPOSURE, ROBUSTNESS CHECK, ROBUSTNESS CHECKS, SALES, SERIAL CORRELATION, SOVEREIGN BOND, SOVEREIGN BONDS, SOVEREIGN RISK, STOCK MARKET, STOCK MARKET CAPITALIZATION, STOCKS, SUBSTITUTE, SUBSTITUTES, TARGET MARKETS, TECHNOLOGICAL ADVANCES, TECHNOLOGY TRANSFER, TELECOMMUNICATIONS, TRADE BARRIERS, TRADE OPENNESS, TRADE PATTERNS, TRADE RESTRICTIVENESS, TRADING, TRANSACTION, TRANSACTIONS COSTS, TREASURY, TREASURY BOND, TREASURY RATE, TREATIES, TREATY, TURNOVER RATIO, UNCERTAINTIES, VOLATILE ECONOMIES, WAGE DIFFERENTIALS, WAGES, WEALTH, WORLD DEVELOPMENT INDICATORS,
Online Access:	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20120118103328 https://hdl.handle.net/10986/3237
Tags:	Add Tag No Tags, Be the first to tag this record!