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  • Writer's pictureNicola Mirc

New research by Valentina Fani and Olivier Bertrand on institutional arbitrage in M&A

The article "The competitive effects of financial and fiscal institutional arbitrage opportunities: Evidence from cross-border M&As" co-written by Valentina Fani (Vrije Universiteit Amsterdam), Dimitrija Kalanoski (University of Manchester) and Olivier Bertrand (Fundação Getúlio Vargas) appeared in Long Range Planning.

Authors are investigating how the dissimilarities in the financial and fiscal regulatory systems between the countries of acquirers and targets impact their rivals' corporate responses. They are founding their study on a unique dataset comprising 15 years of operations by firms in the manufacturing industry. Besides, the current research compares the rival's corporate activities before and after large horizontal cross-border M&As.


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