Examinando por Autor "Carril Caccia, Federico"

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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.