Examinando por Autor "Minondo, Asier"

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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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    Networks and the disappearance of the intranational home bias
    (Elsevier B.V., 2012-08) Garmendia-Lazcano, Aitor; Llano, Carlos; Minondo, Asier; Requena, Francisco
    Previous studies have shown that, not only countries, but also regions have a preference to trade within their administrative borders. Using unique trade flows data, we also find a large home bias in Spanish intranational trade. However, we show that this home bias tends to disappear once we take into account the higher density of social and business networks within regions than between regions. We also find that the home bias does not disappear if intranational trade flows are measured in quantity rather than value. This fact might explain why previous studies on other European countries still find an intranational home bias, even when network effects are taken into account. © 2012 Elsevier B.V.
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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.