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Cross-Border Mergers And Acquisitions And Financial Development: Evidence From Emerging Asia

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Executive Summary

The paper examines the relationship between cross-border Mergers and Acquisitions (M&A) and financial development in emerging Asian economies. Bilateral data of cross-border M&A for nine emerging Asian economies during 2000 - 2009 are analyzed with a sample selection model and panel data model. Estimation results show that the banking sector plays a crucial role in facilitating cross-border M&A while the role of equity markets has increased in importance since, in addition to cash, the issuance of common stock and the exchange of stocks have become a popular form for payment for a deal.

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