We analyze the economic forces underlying cross-border Mergers and Acquisitions (M&As) using a large bilateral panel data set. The frequent occurrence of zero observations provides essential information on the structure of M&A flows, which we model empirically using a two-stage procedure. At the...

Wealth transfer effects between stockholders and bondholders on the announcement date of changes in a firm's credit rating have primarily been examined a) for one type of security; b) on US capital markets; and c) by applying standard event study methods. In contrast to these investigations, we...

This study investigates the short run net value gains generated to US bidders' shareholders that engaged in M&A in domestic versus foreign target firms. The main focus is on the examination of voice and accountability, political stability, rule of law, regulatory quality and control of...

The impact of cross-border bank M&As on bank risk remains an open question. Though geographically diversifying bank M&As have the potential to reduce the risk of bank insolvency, they also have the potential to increase that risk due to the increase in risk-taking incentives for bank managers...