foreign acquisitions during crises is mainly driven by non-financial acquirers targeting firms in the same industry rather … than foreign financial firms. This increase in acquisition activity in a given industry is unrelated to the industry … the effect of crises on emerging-market mergers and acquisitions, we find little evidence that foreign acquisitions are …

We develop a model of foreign direct investment (FDI) in which financially liquid foreign firms acquire liquidity … the model: (i) firms in external finance dependent and intangible sectors are more likely to be targets of foreign … acquisitions; (ii) these targets have ownership structures with larger foreign stakes; (iii) these effects are most prominent in …