This article examines the empirical link between mergers and investment using a panel of 61 developed and developing countries between 1987 and 2001. The results indicate that, on average, a rise in cross-border merger and acquisition activity tends to reduce investment. However, in high-income...

In this article we use nonlinear tests to investigate the mean reverting properties of stock prices in a group of Central and East European (CEE) markets. We also test whether returns in our target group of countries demonstrate characteristics of persistence and cross-sectional dependence. Our...