International Trade and the Propagation of Merger Waves
研究了1989至2016年全球贸易网络如何影响跨国和国内并购浪潮的传播，发现贸易伙伴的并购活动能显著预测本国并购浪潮，并通过关税削减和贸易制裁验证了贸易的传导作用。
Abstract Cross-border merger activity is growing in importance. We map the global trade network each year from 1989 to 2016 and compare it to cross-border and domestic merger activity. Trade-weighted merger activity in trading partner countries has statistically and economically significant explanatory power for the likelihood that a given country will be in a merger wave state, at both the cross-border and domestic levels, even controlling for its own lagged merger activity. The role of trade as a channel for transmitting merger waves is confirmed using import tariff cuts and trade sanctions as instruments to mitigate endogeneity. Overall, the full trade network helps our understanding of merger waves and how merger activity propagate across borders.