By combining two large data sets (on international trade flows and cross-border mergers and acquisitions - M&As), we … interaction between firms in a general equilibrium setting). In terms of economic importance, the dominant merger wave variable is … a positive global-all effect, indicating that M&A waves are an economy-wide, global phenomenon. Country-specific merger …

ownership increases the probability that a merger deal is cross-border, successful, and the bidder takes full control of the … hypothesis that foreign institutional investors act as facilitators in the international market for corporate control; they build …

access to the rest of the world (through transport hubs) are key drivers for target selection. …

stronger shareholder protection and if the target’s industry is more competitive. We conclude that the international market for … corporate control promotes the adoption of better corporate governance practices around the world …