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Cross-border Mergers and Acquisitions (M&As) in Developing Asia: The Role of Financial Variables

  • Rabin Hattari

    (World Bank)

  • Ramkishen S. Rajan

    (George Mason University ,Hong Kong Institute for Monetary Research)

This paper examines cross-border M&A activities in a large panel which includes many developing Asian economies. How important are financial drivers of M&As in the region, particularly financial risks such as market risk, credit risk, and liquidity risk? How significant are intra-(developing) Asian M&As and are there differences between intra-regional M&A transactions and M&A purchases by extra-regional sources in developing Asia? These are among the issues explored in this paper using a novel dataset of bilateral M&A purchases in developing Asia over the period 2000-2007.

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Paper provided by Hong Kong Institute for Monetary Research in its series Working Papers with number 362009.

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Length: 25 pages
Date of creation: Dec 2009
Date of revision:
Handle: RePEc:hkm:wpaper:362009
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  1. David T Coe & Arvind Subramanian & Natalia T Tamirisa, 2007. "The Missing Globalization Puzzle: Evidence of the Declining Importance of Distance," IMF Staff Papers, Palgrave Macmillan, vol. 54(1), pages 34-58, May.
  2. di Giovanni, Julian, 2002. "What Drives Capital Flows? The Case of Cross-Border M&A Activity and Financial Deepening," Center for International and Development Economics Research, Working Paper Series qt7nq6d7wp, Center for International and Development Economics Research, Institute for Business and Economic Research, UC Berkeley.
  3. Loungani, Prakash & Mody, Ashoka & Razin, Assaf, 2002. "The Global Disconnect: The Role of Transactional Distance and Scale Economies in Gravity Equations," Scottish Journal of Political Economy, Scottish Economic Society, vol. 49(5), pages 526-43, December.
  4. Olaf Unteroberdoerster & Cynthia Leung, 2008. "Hong Kong SAR as a Financial Center for Asia: Trends and Implications," IMF Working Papers 08/57, International Monetary Fund.
  5. Rabin Hattari & Ramkishen S. Rajan, 2012. "Sources Of Foreign Direct Investment Flows To Developing Asia: The Importance Of Time Zone," China Economic Policy Review (CEPR), World Scientific Publishing Co. Pte. Ltd., vol. 1(02), pages 1250013-1-1.
  6. 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.
  7. Head, Keith & Ries, John, 2008. "FDI as an outcome of the market for corporate control: Theory and evidence," Journal of International Economics, Elsevier, vol. 74(1), pages 2-20, January.
  8. Gugler, Klaus & Mueller, Dennis C. & Weichselbaumer, Michael, 2008. "The Determinants of Merger Waves: An International Perspective," ZEW Discussion Papers 08-076, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
  9. Rabin Hattari & Ramkishen S. Rajan, 2008. "Trends and Drivers of Bilateral FDI Flows in Developing Asia," Working Papers 112008, Hong Kong Institute for Monetary Research.
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