|outbound|**R6**<br>to AD|9.057<br>(1.70)_∗∗∗_<br>-0.926<br>(0.72)|3.336<br>(1.47)_∗∗_|1.028<br>.<br>-0.012<br>(0.40)<br>-5.453<br>(6.45)<br>-22.848<br>(12.98)_∗_|0.829<br>(0.39)_∗∗_<br>1.002<br>(0.33)_∗∗∗_|-2.062<br>(0.89)_∗∗_|-2.853<br>(0.90)_∗∗∗_|-0.590<br>(0.33)_∗_<br>-1.269<br>(0.83)|2.418<br>(0.87)_∗∗∗_<br>0.547<br>(0.17)_∗∗∗_|0.277<br>29.361_∗∗∗_<br>34,211|were included<br>ent level.|
|---|---|---|---|---|---|---|---|---|---|---|---|
|s-border|to EM|3.730<br>(1.27)_∗∗∗_<br>-0.456<br>(0.76)|5.327<br>(2.04)_∗∗∗_|-1.405<br>(0.47)_∗∗∗_<br>0.780<br>(0.32)_∗∗_<br>-3.831<br>(4.16)<br>6.697<br>(10.26)|4.212<br>(2.25)_∗_<br>-1.363<br>(0.53)_∗∗_|2.212<br>(0.79)_∗∗∗_|-6.716<br>(2.89)_∗∗_|-0.764<br>(0.25)_∗∗∗_<br>0.469<br>(0.38)|-1.343<br>(0.61)_∗∗_<br>2.596<br>(0.92)_∗∗∗_|0.277<br>29.361_∗∗∗_<br>34,211|constant term<br>nce at 1 perc|
|er of cros|**R5**<br>to AD|8.486<br>(0.91)_∗∗∗_<br>-0.842<br>(0.65)|3.813<br>(1.31)_∗∗∗_|1.024<br>(0.26)_∗∗∗_<br>-1.100<br>(0.72)<br>2.508<br>(0.89)_∗∗∗_|0.621<br>(0.36)_∗_<br>1.447<br>(0.47)_∗∗∗_|-2.304<br>(0.95)_∗∗_|-2.443<br>(0.74)_∗∗∗_|-0.154<br>(0.35)<br>-0.578<br>(0.80)<br>-2.971<br>(1.19)_∗∗_|1.609<br>(0.78)_∗∗_<br>0.549<br>(0.17)_∗∗∗_|0.276<br>29.885_∗∗∗_<br>37,909|ontrols and a <br>icates signifca|
|th numb|to EM|2.721<br>(1.00)_∗∗∗_<br>-0.676<br>(0.65)|5.096<br>(1.81)_∗∗∗_|-1.279<br>(0.43)_∗∗∗_<br>0.588<br>(0.33)_∗_<br>0.133<br>(0.40)|3.774<br>(1.96)_∗_<br>-1.209<br>(0.50)_∗∗_|2.010<br>(0.73)_∗∗∗_|-6.275<br>(2.68)_∗∗_|-0.690<br>(0.28)_∗∗_<br>0.618<br>(0.37)_∗_<br>-0.294<br>(0.26)|-1.242<br>(0.54)_∗∗_<br>2.583<br>(0.90)_∗∗∗_|0.276<br>29.885_∗∗∗_<br>37,909|ses. Global c<br> and _∗∗∗_ind|
|ciated wi|**4**<br>to AD|_s_<br>7.851<br>(1.90)_∗∗∗_<br>-1.349<br>(0.61)_∗∗_|3.889<br>(1.35)_∗∗∗_|1.063<br>(0.79)<br>1.074<br>(0.26)_∗∗∗_|1.113<br>(0.52)_∗∗_<br>0.209<br>(0.27)|-1.194<br>(0.90)|-0.020|(0.02)<br>-1.194<br>(0.42)_∗∗∗_<br>0.649<br>(1.09)|0.950<br>(0.75)<br>0.534<br>(0.18)_∗∗∗_|0.284<br>26.158_∗∗∗_<br>23,617|d in parenthe<br>percent level,|
|tors asso|**R**<br>to EM|_y characteristic_<br>6.098<br>(1.55)_∗∗∗_<br>-0.350<br>(0.55)|5.805<br>(2.15)_∗∗∗_|-2.506<br>(0.61)_∗∗∗_<br>1.040<br>(0.36)_∗∗∗_|_characteristics_<br>0.712<br>-2.653<br>(0.99)_∗∗∗_|2.282<br>(0.95)_∗∗_|-0.002|(0.03)<br>0.938<br>(1.20)<br>0.367<br>(0.29)|_characteristics_<br>-1.497<br>(0.59)_∗∗_<br>2.777<br>(0.95)_∗∗∗_|0.284<br>26.158_∗∗∗_<br>23,617|ir, are reporte<br>nifcance at 5|
|native fac|**R3**<br>to AD|_Home countr_<br>7.308<br>(3.21)_∗∗_<br>-0.847<br>(1.15)|4.353<br>(2.82)|7.588<br>(3.85)_∗∗_<br>6.509<br>(2.37)_∗∗∗_<br>-0.665<br>(0.66)|_Host country_<br>0.696<br>(0.42)_∗_<br>0.584<br>(0.54)|-4.241<br>(3.00)|-0.014<br>(0.01)<br>-3.939<br>(1.23)_∗∗∗_|-0.811<br>(0.32)_∗∗_<br>-2.744<br>(2.50)|_Country-pair_<br>0.637<br>(1.41)<br>0.453<br>(0.13)_∗∗∗_|0.287<br>24.865_∗∗∗_<br>29,479|and country-pa<br>_∗_indicates sig|
|and alter<br>7–2009|to EM|4.897<br>(1.12)_∗∗∗_<br>-0.898<br>(0.68)|5.348<br>(2.10)_∗∗_|0.853<br>(0.90)<br>-2.611<br>(0.68)_∗∗∗_<br>0.727<br>(0.27)_∗∗∗_|2.163<br>-1.124<br>(0.43)_∗∗∗_|1.587<br>(0.75)_∗∗_|1.240<br>(0.60)_∗∗_<br>-6.948<br>(3.17)_∗∗_|0.198<br>(0.91)<br>0.052<br>(0.38)|-1.388<br>(0.62)_∗∗_<br>2.582<br>(0.98)_∗∗∗_|0.287<br>24.865_∗∗∗_<br>29,479|red by time <br>rcent level, _∗_|
|ditional <br>mies, 199|**2**<br>to AD|8.451<br>(0.53)_∗∗∗_<br>-0.935<br>(0.79)|3.959<br>(1.39)_∗∗∗_<br>0.161<br>(0.36)|1.172<br>(0.28)_∗∗∗_<br>0.549<br>(0.39)|0.874<br>(0.40)_∗∗_<br>1.054<br>(0.34)_∗∗∗_|-2.218<br>(1.03)_∗∗_<br>-0.114<br>(0.45)|-2.999<br>(0.99)_∗∗∗_|-0.620<br>(0.35)_∗_<br>-1.441<br>(0.81)_∗_|2.028<br>(0.81)_∗∗_<br>0.546<br>(0.17)_∗∗∗_|0.280<br>27.401_∗∗∗_<br>30,197|errors, cluste<br>ance at 10 pe|
|ns for ad<br>ng econo|**R**<br>to EM|3.497<br>(1.07)_∗∗∗_<br>-0.837<br>(0.88)|6.051<br>(2.13)_∗∗∗_<br>-0.328<br>(0.27)|-1.494<br>(0.52)_∗∗∗_<br>0.671<br>(0.39)_∗_|4.894<br>(2.51)_∗_<br>-1.462<br>(0.59)_∗∗_|2.431<br>(0.88)_∗∗∗_<br>-0.321<br>(0.23)|-6.603<br>(2.93)_∗∗_|-0.851<br>(0.32)_∗∗∗_<br>0.407<br>(0.43)|-1.667<br>(0.68)_∗∗_<br>2.599<br>(0.92)_∗∗∗_|0.280<br>27.401_∗∗∗_<br>30,197|ust standard <br>icates signifc|
|regressio<br>m emergi|**R1**<br>to AD|10.667<br>(7.27)<br>-0.369<br>(0.80)<br>-0.000|(0.00)<br>1.911<br>(0.90)_∗∗_|1.286<br>(0.91)<br>1.001<br>(0.39)_∗∗∗_|1.879<br>(0.74)_∗∗_<br>0.419<br>(0.29)<br>-0.000|(0.00)_∗_<br>-0.473<br>(0.58)|-2.200<br>(0.89)_∗∗_|-0.965<br>(0.33)_∗∗∗_<br>-0.228<br>(1.25)|2.868<br>(0.97)_∗∗∗_<br>0.662<br>(0.16)_∗∗∗_|0.303<br>14,326|correlation-rob<br>eported. _∗_ind|
|ustness <br>ents fro|to EM|10.975<br>(3.67)_∗∗∗_<br>-0.481<br>(2.05)<br>-0.000|(0.00)_∗∗_<br>6.735<br>(2.75)_∗∗_|-1.828<br>(1.12)<br>0.397<br>(0.81)|1.456<br>(1.99)<br>-0.600<br>(0.73)<br>-0.000|(0.00)<br>1.474<br>(1.21)|-8.983<br>(4.58)_∗∗_|2.480<br>(2.57)<br>-0.383<br>(0.85)|-1.324<br>(0.88)<br>3.073<br>(1.04)_∗∗∗_|0.303<br>14,326|ty and auto<br>s, but not r|
|Table 2: Rob<br>M&A investm||GDP<br>GDP per capita<br>Wages|Trade<br>openness<br>Stock market<br>turnover|Domestic<br>credit/GDP<br>Reserves<br>Economic<br>risk<br>Financial<br>risk<br>Corporate<br>bond issuance<br>Sovereign bond<br>rating|GDP<br>GDP per capita<br>Wages|Trade<br>openness<br>Stock market<br>turnover|Domestic<br>credit/GDP<br>Patents<br>granted<br>R&D/GDP|Reserves<br>Economic<br>risk<br>Financial<br>risk|Distance<br>Bilateral<br>trade fows|Adjusted _R_2<br>_F_<br>N|_†_ Heteroskedastici<br>in the regression|

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