A Note on Cross-Border Mergers and Investment
Winston Moore and
Jeremy Stephen
MPRA Paper from University Library of Munich, Germany
Abstract:
The theoretical literature suggests that there should be a bi-directional relationship between investment and mergers. This essay uses homogenous and heterogeneous panel Granger causality tests to examine this hypothesis. The paper finds that in high-income countries, cross-border mergers tend to Granger cause investment, while in low- to middle-income countries, investment Granger causes mergers.
Keywords: Mergers; Investment; Causality; Panel Data (search for similar items in EconPapers)
JEL-codes: C23 E22 G34 (search for similar items in EconPapers)
Date: 2006-03-29
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:21582
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