Dailami, MansoorKurlat, SergioLim, Jamus Jerome2012-03-192012-03-192012-01-01https://hdl.handle.net/10986/3237This paper studies the factors associated with outbound bilateral mergers and acquisitions (M&A) activity by firms located in emerging economies. The authors document recent trends in emerging market M&A flows, which have risen dramatically over the past decade, and explore the factors that may have contributed to this rise. They find distinct patterns for M&A deals according to whether the acquisition targets are in other emerging economies or advanced countries, and that these differences can be attributed to differing theoretical motivations behind foreign direct investment. The authors also consider the implications of their model for future M&A originating in the global South, in light of the global financial crisis of 2008.CC BY 3.0 IGOACCUMULATION OF RESERVESADVANCED COUNTRIESADVANCED COUNTRYADVANCED ECONOMIESADVANCED ECONOMYAGRICULTURAL COMMODITYAGRICULTURAL PRICEANNUAL GROWTHASSETSBENCHMARKBENCHMARK SPECIFICATIONSBILATERAL TRADEBOND RATINGCAPITAL FLOWCAPITAL FLOWSCHECKSCOMMODITY PRICESCOMPARATIVE ADVANTAGECONSTANT MATURITYCONTROL VARIABLESCORPORATE BONDCORPORATE BOND ISSUANCECORPORATE BONDSCORPORATE GROWTHCOUNTRY DEVELOPMENTCOUNTRY RISKCROSS-BORDER INVESTMENTCROSS-BORDER INVESTMENTSCROSS-BORDER MERGERSCROSS-BORDER TRANSACTIONSDEBTDEBT ISSUESDEPENDENT VARIABLEDEVELOPING COUNTRIESDEVELOPING ECONOMIESDEVELOPMENT ECONOMICSDEVELOPMENT POLICYDIVERSIFICATION BENEFITSDOMESTIC CREDITDOMESTIC STOCKDOMESTIC STOCK MARKETECONOMETRIC ANALYSISECONOMETRIC MODELECONOMIC DEVELOPMENTECONOMIC GROWTHECONOMIC MODELSECONOMIC POLICIESECONOMIC RESEARCHECONOMIC RISKECONOMIC SIZEECONOMIES OF SCALEEMERGING ECONOMIESEMERGING ECONOMYEMERGING MARKETEMERGING MARKET ECONOMIESEMERGING MARKET FIRMSEMERGING MARKETSEMERGING MULTINATIONALEMERGING-MARKETENERGY PRICEEQUITY HOLDINGSEQUITY STAKEERROR COMPONENTSESTIMATION STRATEGIESEXPENDITUREEXPORTSFACTOR PRICEFACTOR PRICESFINANCIAL CRISISFINANCIAL DEVELOPMENTFINANCIAL FACTORSFINANCIAL OPENNESSFINANCIAL RISKFINANCIAL SERVICESFIXED EFFECTSFORECASTSFOREIGN COMPANYFOREIGN CURRENCYFOREIGN CURRENCY RESERVESFOREIGN DIRECT INVESTMENTFOREIGN MARKETFOREIGN MARKETSFOREIGN RESERVESFOREIGN TRADEFUTURE RESEARCHGDPGDP PER CAPITAGLOBAL ECONOMIC PROSPECTSGLOBAL ECONOMYGLOBAL MACROECONOMIC CONDITIONSGLOBAL TRADEGLOBALIZATIONGRAVITY MODELGROSS DOMESTIC PRODUCTGROSS DOMESTIC PRODUCT PER CAPITAGROWTH PROJECTIONSGROWTH RATEGROWTH RATESHOLDINGSHOME COUNTRIESHOME COUNTRYHOME MARKETSHOST COUNTRIESHOST COUNTRYHOST ECONOMIESHUMAN CAPITALIMPERFECT COMPETITIONINCOMEINCOMESINCREASING RETURNSINSTITUTIONAL ENVIRONMENTINSTITUTIONAL ENVIRONMENTSINTELLECTUAL PROPERTYINTERNATIONAL BANKINTERNATIONAL BONDINTERNATIONAL BOND MARKETSINTERNATIONAL BUSINESSINTERNATIONAL CAPITALINTERNATIONAL CAPITAL MARKETSINTERNATIONAL ECONOMICSINTERNATIONAL ECONOMYINTERNATIONAL FINANCIAL STATISTICSINTERNATIONAL INVESTMENTINTERNATIONAL RESERVEINTERNATIONAL RESERVESINTERNATIONAL TRADEINVESTINGINVESTMENT ACTIVITYINVESTMENT BANKSINVESTMENT CLIMATESINVESTMENT REGIMESINVESTMENT STRATEGIESLARGE-SCALE INVESTMENTLEGAL ENVIRONMENTLOANLOCAL ECONOMYLOCAL MARKETSMACROECONOMIC CONDITIONSMARGINAL COSTMARKET CAPITALIZATIONMARKET COUNTRYMARKET PENETRATIONMARKET SIZEMARKET STRUCTUREMARKET STRUCTURESMARKET TURNOVERMERGERSMIDDLE-INCOME COUNTRIESNEW MARKETSOUTPUTPATENTSPER CAPITA INCOMEPER CAPITA INCOMESPOLITICAL ECONOMYPOLITICAL RISKPOLITICAL STABILITYPOSITIVE COEFFICIENTPOTENTIAL OUTPUTPRICE INDEXPRIVATE CAPITALPRIVATE CAPITAL FLOWSPRIVATE CAPITAL INFLOWSPROPERTY RIGHTSPUBLIC POLICYPURCHASINGRATE OF GROWTHREAL ESTATEREAL GROSS DOMESTIC PRODUCTREGRESSION ANALYSESREGULATORSRESERVERESERVE HOLDINGSRESERVESRETURNRETURNSRISK EXPOSUREROBUSTNESS CHECKROBUSTNESS CHECKSSALESSERIAL CORRELATIONSOVEREIGN BONDSOVEREIGN BONDSSOVEREIGN RISKSTOCK MARKETSTOCK MARKET CAPITALIZATIONSTOCKSSUBSTITUTESUBSTITUTESTARGET MARKETSTECHNOLOGICAL ADVANCESTECHNOLOGY TRANSFERTELECOMMUNICATIONSTRADE BARRIERSTRADE OPENNESSTRADE PATTERNSTRADE RESTRICTIVENESSTRADINGTRANSACTIONTRANSACTIONS COSTSTREASURYTREASURY BONDTREASURY RATETREATIESTREATYTURNOVER RATIOUNCERTAINTIESVOLATILE ECONOMIESWAGE DIFFERENTIALSWAGESWEALTHWORLD DEVELOPMENT INDICATORSWorld Bank10.1596/1813-9450-5953