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...

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Bibliographic Details
Main Authors: Dailami, Mansoor, Kurlat, Sergio, Lim, Jamus Jerome
Format: Policy Research Working Paper
Language:English
Published: 2012
Subjects:
GDP
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
http://hdl.handle.net/10986/3237
id okr-10986-3237
recordtype oai_dc
repository_type Digital Repository
institution_category Foreign Institution
institution Digital Repositories
building World Bank Open Knowledge Repository
collection World Bank
language English
topic 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
spellingShingle 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
Dailami, Mansoor
Kurlat, Sergio
Lim, Jamus Jerome
Bilateral M&A Activity from the Global South
geographic_facet The World Region
The World Region
relation Policy Research working paper ; no. WPS 5953
description 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.
format Publications & Research :: Policy Research Working Paper
author Dailami, Mansoor
Kurlat, Sergio
Lim, Jamus Jerome
author_facet Dailami, Mansoor
Kurlat, Sergio
Lim, Jamus Jerome
author_sort Dailami, Mansoor
title Bilateral M&A Activity from the Global South
title_short Bilateral M&A Activity from the Global South
title_full Bilateral M&A Activity from the Global South
title_fullStr Bilateral M&A Activity from the Global South
title_full_unstemmed Bilateral M&A Activity from the Global South
title_sort bilateral m&a activity from the global south
publishDate 2012
url 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
http://hdl.handle.net/10986/3237
_version_ 1764386655717818368
spelling okr-10986-32372021-04-23T14:02:08Z Bilateral M&A Activity from the Global South Dailami, Mansoor Kurlat, Sergio Lim, Jamus Jerome 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 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. 2012-03-19T17:28:52Z 2012-03-19T17:28:52Z 2012-01-01 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 http://hdl.handle.net/10986/3237 English Policy Research working paper ; no. WPS 5953 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Publications & Research :: Policy Research Working Paper The World Region The World Region