Where do Creditor Rights Matter? Creditor Rights, Political Constraints, and Cross-Border M&A Activity

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Gassebner, Martin; Gnutzmann-Mkrtchyan, Arevik; Méon, Pierre-Guillaume: Where do Creditor Rights Matter? Creditor Rights, Political Constraints, and Cross-Border M&A Activity. Hannover : Institutionelles Repositorium der Leibniz Universität Hannover, 2020. DOI: https://doi.org/10.15488/9780

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Sum total of downloads: 182




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Abstract: 
In this paper, we evaluate the impact of creditor rights and political risk on both the number and the value of cross-border M&A flows in a gravity model using a negative binomial model and Heckman’s two-stage selection model, respectively. Our results confirm that creditor-friendly rules and political risk decrease M&A inflows. The impact of formal legal rules is, however, almost entirely driven by politically stable countries, where those rules can be expected to hold. De jure rules therefore only matter where de facto implementation can be expected due to political stability.
License of this version: CC BY 3.0 DE
Document Type: report
Publishing status: publishedVersion
Issue Date: 2020
Appears in Collections:GRK Antrag USE

distribution of downloads over the selected time period:

downloads by country:

pos. country downloads
total perc.
1 image of flag of Germany Germany 56 30.77%
2 image of flag of United States United States 25 13.74%
3 image of flag of China China 13 7.14%
4 image of flag of United Kingdom United Kingdom 10 5.49%
5 image of flag of Belgium Belgium 8 4.40%
6 image of flag of Czech Republic Czech Republic 6 3.30%
7 image of flag of Singapore Singapore 5 2.75%
8 image of flag of Korea, Republic of Korea, Republic of 5 2.75%
9 image of flag of Italy Italy 5 2.75%
10 image of flag of Pakistan Pakistan 4 2.20%
    other countries 45 24.73%

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