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Cross-Border Mergers and Acquisitions: Evidence from the Indochina Region

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  • Ekkayokkaya, Manapol
  • Foojinphan, Pimnipa
  • Wolff, Christian C

Abstract

We study cross-border mergers and acquisitions (M&As) in ten countries in the Indochina region during the period 1993-2015. Countries with a French colonial history showed markedly lower levels of cross-border M&As (value as well as volume) than other countries, whether previously colonized or not. This difference persists even after accounting for the known drivers of cross-border M&A activity, including legal origin, trade openness, and labor cost levels. Together, these findings suggest that the colonial past of a country plays an important role in cross-border M&A activity.

Suggested Citation

  • Ekkayokkaya, Manapol & Foojinphan, Pimnipa & Wolff, Christian C, 2017. "Cross-Border Mergers and Acquisitions: Evidence from the Indochina Region," CEPR Discussion Papers 12078, C.E.P.R. Discussion Papers.
  • Handle: RePEc:cpr:ceprdp:12078
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    More about this item

    Keywords

    colonial history; Foreign direct investment; South-East Asia;

    JEL classification:

    • F54 - International Economics - - International Relations, National Security, and International Political Economy - - - Colonialism; Imperialism; Postcolonialism
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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