This paper assesses whether cross-border M&A decisions exhibit network effects. We estimate exponential random graph models (ERGM) and temporal exponential random graph models (TERGM) to evaluate the determinants of cross-country M&A investments at the sectoral level. The results show that...

Over the past two decades, cross-border M&As have totaled over eight trillion dollars and have fluctuated widely from year to year. In this paper, I establish four key facts about the dynamic patterns of cross-border mergers and the factors that drive them: Cross-border mergers come in waves...

We investigate the role of intellectual property rights protection in cross-border merger and acquisition (M&A) activity. We document a significant increase in inbound cross-border M&As after a country implements reforms that strengthen local intellectual property rights. Importantly, we find...

This paper analyses whether the strengthening of intellectual property rights (IPRs) systems affects decisions of cross-border mergers and acquisitions (M&As), and if their influence is different for developed and developing countries, and across industrial sectors. We estimate an extended...

This paper examines the effects of political uncertainty surrounding national elections on cross-border mergers and acquisitions activity. Using a sample of completed cross-border mergers and acquisitions among 43 countries announced during 1990-2011, I find that the volume of cross-border...

This paper attempts to explain the tendency of foreign acquirers to choose better performing firms in emerging markets, which limits underperforming firms' access to foreign capital. Using a simple law and finance model, we offer an explanation based on emerging countries' weaker investor...

Policy uncertainty has been documented to have a significant impact on corporate investment decisions. This paper investigates the effect of policy uncertainty on cross-border acquisitions. We find a significant monotonic relationship between the size of the acquired equity stake in a target...

We study how differences in democracy influence cross-border mergers and share price reactions to cross-border deal announcements. Using a sample of 104,425 cross-border deals announced between 1985 and 2018, we find that merger flows involve acquirers from more democratic countries than their...