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Title: Cross-Border Mergers and Acquisitions: Evidence from the Indochina Region

Author(s): Manapol Ekkayokkaya, Pimnipa Foojinphan and Christian C Wolff

Publication Date: June 2017

Keyword(s): colonial history, Foreign direct investment and South-East Asia

Programme Area(s): Development Economics, Financial Economics and International Trade and Regional Economics

Abstract: We study cross-border mergers and acquisitions (M&As) in ten countries in the Indochina region during the period 1993-2015. Countries with a French colonial history showed markedly lower levels of cross-border M&As (value as well as volume) than other countries, whether previously colonized or not. This difference persists even after accounting for the known drivers of cross-border M&A activity, including legal origin, trade openness, and labor cost levels. Together, these findings suggest that the colonial past of a country plays an important role in cross-border M&A activity.

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Bibliographic Reference

Ekkayokkaya, M, Foojinphan, P and Wolff, C. 2017. 'Cross-Border Mergers and Acquisitions: Evidence from the Indochina Region'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=12078