| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w18837 |
| 来源ID | Working Paper 18837 |
| Fire-sale FDI or Business as Usual? | |
| Ron Alquist; Rahul Mukherjee; Linda Tesar | |
| 发表日期 | 2013-02-28 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | Using a new data set, we examine the characteristics and dynamics of cross-border mergers and acquisitions during emerging-market financial crises, that is, so-called "fire-sale FDI". Our findings shed fresh light on whether the transactions undertaken during crisis periods differ in fundamental ways from those undertaken during more tranquil periods. The increase in 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's dependence on external finance. There is also no evidence of an increase in the size of stakes bought during crises. In terms of the effect of crises on emerging-market mergers and acquisitions, we find little evidence that foreign acquisitions are resold, or "flipped", more frequently than domestic acquisitions. Moreover, flipping rates are uncorrelated with the industry's dependence on external finance. Finally, the probability of being flipped to a domestic buyer does not differ across crisis and non-crisis periods. All of these results are robust to alternative empirical specifications, different definitions of crises, and the inclusion of macroeconomic controls. Contrary to conventional wisdom, fire-sale FDI and asset flipping by foreign firms appear to have been "business as usual". |
| 主题 | International Economics ; International Factor Mobility ; International Macroeconomics |
| URL | https://www.nber.org/papers/w18837 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/576512 |
| 推荐引用方式 GB/T 7714 | Ron Alquist,Rahul Mukherjee,Linda Tesar. Fire-sale FDI or Business as Usual?. 2013. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w18837.pdf（731KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
