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...
| Main Authors: | , , |
|---|---|
| Format: | Policy Research Working Paper |
| Language: | English |
| Published: |
2012
|
| Subjects: | |
| 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 |