Micro-foundations of urban agglomeration economies, Handbook of Regional and Urban Economics, in: Henderson, J.V., Thisse, J.F. An empirical assessment of the proximity-concentration trade-off between multinational sales and trade. Determinants of foreign direct investment. A knowledge-and-physical-capital model of international trade flows, foreign direct investment, and multinational enterprises. How does FDI react to corporate taxation? Int. R - Urban, Rural, Regional, Real Estate, and Transportation Economics > R1 - General Regional Economics > R12 - Size and Spatial Distributions of Regional Economic Activityīénassy-Quéré, A., Fontagné, L., Lahrèche-Révil, A., 2005. Gravity model, M&As, border effects, inter-city investment, agglomerationį - International Economics > F1 - Trade > F14 - Empirical Studies of Tradeį - International Economics > F2 - International Factor Movements and International Business > F21 - International Investment Long-Term Capital Movementsį - International Economics > F2 - International Factor Movements and International Business > F23 - Multinational Firms International Business Item Type:Ĭross-border mergers and acquisitions and inter-urban gravity The empirical results, which are based on panel data of M&A flows across 44 major cities in the world from 2010 to 2017, show that besides the basic attributes used in conventional gravity models, such as market size and distance between origin city and destination city, urban-specific attributes such as the agglomeration of the world’s top-ranked firms and the number of foreign residents have a statistically significant explanatory power for inward M&As. Unlike many previous studies that have relied on a gravity model approach using the bilateral volume of FDI, this study examines the determinants of cross-border M&As by applying an FDI gravity model to inter-city investment flows in the world. Only a handful of cities account for most M&As. However, M&A distribution is highly skewed, with most of the activity concentrated in certain countries and even in certain cities. Cross-border mergers and acquisitions (M&As) have grown rapidly in recent years and are a major part of foreign direct investment (FDI).
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