Does Growth & Quality of Capital Markets drive Foreign Capital? The case of Cross-border Mergers & Acquisitions from leading Emerging Economies

Juan Piñeiro Chousa, (), Krishna Chaitanya, () and Artur Tamazian ()

No wp911, William Davidson Institute Working Papers Series from William Davidson Institute at the University of Michigan

Abstract: Is there any interrelationship between firm level FDI in the form of cross border Mergers & Acquisitions and capital markets growth and quality? We addressed this question using panel data of cross border M&A for nine emerging economies. Our study period goes from 1987 to 2006. We find that the stock market variables, viz., capitalization and value addition encourage the number of deals and value of cross border Mergers & Acquisitions. However, the association with regulatory and financial reforms is much stronger and robust.

Keywords: Financial Markets; Cross border M&A & Emerging Economies. (search for similar items in EconPapers)
JEL-codes: E44 M16 O53 O54 O55 (search for similar items in EconPapers)
Pages: pages
Date: 2008-02-01
New Economics Papers: this item is included in nep-com and nep-fdg
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