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Botero, Juan Carlos; Djankov, Simeon; La Porta, Rafael; … - 2021

We investigate the regulation of labor markets through employment laws, collective bargaining laws, and social security laws in 85 countries. We find that richer countries regulate labor less than poorer countries do, although they have more generous social security systems. The political power...

Persistent link: https://www.econbiz.de/10013244876

International Differences in Male Wage Inequality : Institutions Versus Market Forces

Blau, Francine D.; Kahn, Lawrence M. - 2022

While changes in the demand for skilled labor appear to have led to a widening of the wage structures in many countries during the 198Os,considerable differences in the level of wage inequality remain. In this paper, we examine the sources of these differences, focusing primarily on explaining...

Persistent link: https://www.econbiz.de/10013324131

Globalization, Governance, and the Returns to Cross-Border Acquisitions

Ellis, Jesse A. - 2011

Using a sample of control cross-border acquisitions from 61 countries from 1990 to 2007, we find that acquirers from countries with better governance gain more from such acquisitions and their gains are higher when targets are from countries with worse governance. Other acquirer country...

Persistent link: https://www.econbiz.de/10013131665

World Markets for Mergers and Acquisitions

Erel, Isil - 2009

Despite the fact that one-third of worldwide mergers involve firms from different countries, the vast majority of the academic literature on mergers studies domestic mergers. What little has been written about cross-border mergers has focused on public firms, usually from the United States. Yet,...

Persistent link: https://www.econbiz.de/10013158052

Corporate Liquidity, Acquisitions, and Macroeconomic Conditions

Erel, Isil - 2017

Firms hold liquid assets to enhance their ability to invest efficiently when external financing costs are high, especially during poor macroeconomic conditions. Using a sample of 47,378 acquisitions from 36 countries between 1997 and 2014, we study how the relation between firms' cash holdings...

Persistent link: https://www.econbiz.de/10012954455

Venture Capital Investments and Merger and Acquisition Activity Around the World

Phillips, Gordon M. - 2017

world. We find evidence of a strong positive association between VC investments and lagged M&A activity, consistent with the … engage in more deals. We also explore the effects of country-level pro-takeover legislation passed internationally (positive … post-law changes in VC activity. VC activity intensifies after enactment of country-level takeover friendly legislation and …

Persistent link: https://www.econbiz.de/10012941971

Extending Industry Specialization Through Cross-Border Acquisitions

Frésard, Laurent - 2016

We investigate the role of industry specialization in horizontal cross-border mergers and acquisitions. We find that acquirers from more specialized industries in a country are more likely to buy foreign targets in countries that are less specialized in these same industries. The role of...

Persistent link: https://www.econbiz.de/10012978843

The Economic Effects of Private Equity Buyouts

Davis, Steven J. - 2019

We examine thousands of U.S. private equity (PE) buyouts from 1980 to 2013, a period that saw huge swings in credit market tightness and GDP growth. Our results show striking, systematic differences in the real-side effects of PE buyouts, depending on buyout type and external conditions....

Persistent link: https://www.econbiz.de/10012861214

Heterogeneous Frictional Costs Across Industries in Cross-Border Mergers and Acquisitions

Blonigen, Bruce A. - 2016

While there has been significant research to explore the determinants (and frictions) of foreign direct investment (FDI), past literature primarily focuses on country-wide FDI patterns with little examination of sectoral heterogeneity in FDI. Anecdotally, there is substantial sectoral...

Persistent link: https://www.econbiz.de/10012984746

Borrow Cheap, Buy High? The Determinants of Leverage and Pricing in Buyouts

Axelson, Ulf - 2010

This paper provides an empirical analysis of the financial structure of large buyouts. We collect detailed information on the financing of 1157 worldwide private equity deals from 1980 to 2008. Buyout leverage is cross-sectionally unrelated to the leverage of matched public firms, and is largely...

Persistent link: https://www.econbiz.de/10013144159

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