Jung Hur () (Department of Economics, National University of Singapore) Rasyad A. Parinduri () (Singapore Centre for Applied and Policy Economics (SCAPE) Department of Economics, National University of Singapore) Yohanes E. Riyanto () (Department of Economics, National University of Singapore)
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This paper provides an empirical explanation to the observed disparity in cross-border M&A inflows to developing and developed countries over the last two decades. We show two main results. First, the disparity can be attributed to the difference in the quality of institutions between the two groups of countries. Second, the gain from reforming institutions in developing countries is smaller than that in developed countries. These findings suggest that, with the current speed of institutional reforms in developing countries, the disparity is likely to persist.
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