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Cross-Border M&A Inflows and the Quality of Institutions : A Cross-Country Panel Data Analysis

  • Jung Hur

    (NUS)

  • Rasyad A. Parinduri
  • Yohanes E. Riyanto

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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File URL: http://www.eaber.org/node/21920
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Paper provided by East Asian Bureau of Economic Research in its series Microeconomics Working Papers with number 21920.

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Date of creation: Mar 2007
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Handle: RePEc:eab:microe:21920
Contact details of provider: Postal: JG Crawford Building #13, Asia Pacific School of Economics and Government, Australian National University, ACT 0200
Web page: http://www.eaber.org

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  11. Simon Evenett, 2004. "The Cross-Border Mergers and Acquisitions Wave of the Late 1990s," NBER Chapters, in: Challenges to Globalization: Analyzing the Economics, pages 411-470 National Bureau of Economic Research, Inc.
  12. Borrmann, Axel & Busse, Matthias & Neuhaus, Silke, 2006. "Institutional Quality and the Gains From Trade," HWWA Discussion Papers 341, Hamburg Institute of International Economics (HWWA).
  13. Breusch, Trevor S & Mizon, Grayham E & Schmidt, Peter, 1989. "Efficient Estimation Using Panel Data," Econometrica, Econometric Society, vol. 57(3), pages 695-700, May.
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