Examinando por Autor "Carril Caccia, Federico"

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    Asylum migration, borders, and terrorism in a structural gravity model
    (Cogitatio Press, 2021-10-28) Carril Caccia, Federico; Paniagua Soriano, Jordi; Requena Silvente, Francisco
    In this article, we examine the impact of terrorist attacks on asylum‐related migration flows. So far, the literature that examines the “push factors” such as terrorism that explain forced migration has omitted the fact that the vast majority of people forced to flee typically do so toward other locations within the country. The novel feature of our research is the estimation of a structural gravity equation that includes both international migration and internally displaced persons (IDP), a theoretically consistent framework that allows us to identify country‐specific variables such as terror attacks. For that purpose, we use information on the number of asylum applications, the number of IDP, and the number of terrorist attacks in each country for a sample of 119 origin developing countries and 141 destination countries over 2009–2018. The empirical results reveal several interesting and policy‐relevant traits. Firstly, forced migration abroad is still minimal compared to IDP, but globalization forces are pushing up the ratio. Secondly, terror violence has a positive and significant effect on asylum migration flows relative to the number of IDP. Thirdly, omitting internally displaced people biases downward the impact of terrorism on asylum applications. Fourthly, we observe regional heterogeneity in the effect of terrorism on asylum migration flows; in Latin America, terrorist attacks have a much larger impact on the number of asylum applications relative to IDP than in Asia or Africa.
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    The border effect on mergers and acquisitions
    (Springer Science and Business Media Deutschland GmbH, 2022-03) Carril Caccia, Federico; Garmendia-Lazcano, Aitor; Minondo, Asier
    Using a firm-level dataset of more than 500,000 domestic and cross-border mergers and acquisitions (M&As) for 95 countries during the period 1995–2015, we measure the level and evolution of the border effect on M&As. We find that the number and value of M&As between same-country firms are five times larger than between firms of different countries. We show that the border effect on the number and value of M&As remained constant during the period. The border effect on M&As in the European Union is substantially lower than elsewhere. We find that the border effect is lower for large investors and firms operating in the primary industry and utilities.
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    Social ties and home bias in mergers and acquisitions
    (Springer Science and Business Media Deutschland GmbH, 2023-08) Carril Caccia, Federico; Garmendia-Lazcano, Aitor; Minondo, Asier
    This paper explores whether social ties, proxied by Facebook friendship links, can explain why the number and value of mergers and acquisitions (M&As) are greater within countries than between countries. We find that social ties are positively correlated with the number and value of M&As. We also demonstrate that the home bias in M&As is greatly reduced once we control for the differences in social ties between and within countries. We further find that social ties particularly facilitate M&As when the level of corruption is high, press freedom is limited in the target country, and there are more cultural differences between the acquirer and target countries.