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Does Growth & Quality of Capital Markets drive Foreign Capital? The case of Cross-border Mergers & Acquisitions from leading Emerging Economies

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Author Info
Juan Piñeiro Chousa, ()
Krishna Chaitanya, ()
Artur Tamazian ()
Abstract

Is there any interrelationship between firm level FDI in the form of cross border Mergers & Acquisitions and capital markets growth and quality? We addressed this question using panel data of cross border M&A for nine emerging economies. Our study period goes from 1987 to 2006. We find that the stock market variables, viz., capitalization and value addition encourage the number of deals and value of cross border Mergers & Acquisitions. However, the association with regulatory and financial reforms is much stronger and robust.

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Paper provided by William Davidson Institute at the University of Michigan Stephen M. Ross Business School in its series William Davidson Institute Working Papers Series with number wp911.

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Date of creation: 01 Feb 2008
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Handle: RePEc:wdi:papers:2008-911

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Related research
Keywords: Financial Markets; Cross border M&A & Emerging Economies.;

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Find related papers by JEL classification:
E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
M16 - Business Administration and Business Economics; Marketing; Accounting - - Business Administration - - - International Business Administration
O53 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East
O54 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Latin America; Caribbean
O55 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Africa

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