Munich Personal RePEc Archive

A Note on Cross-Border Mergers and Investment

Moore, Winston and Stephen, Jeremy (2006): A Note on Cross-Border Mergers and Investment.

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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.

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