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Latin America is widely seen as a homogeneous region of emerging markets, but foreign investment via M&A diverges strongly across its countries. The present thesis seeks to explain this cross-country disparity by country specific risks and distinguishes between financial, economic and political risk components. Higher country risk is assumed to increase shadow costs of information and informational asymmetries between the foreign acquirer and the local target seller. This makes investors refrain from investing in the respective countries. Addressing a country’s M&A activity as a whole, this thesis complements the literature on “deal breaking” in M&A by mergers that were neither announced nor negotiated. This absence of M&A activity is assumed to be explained by country risk. Bloomberg provides the country risk scores of eight countries which are set into relation with the Thomson Reuters International Merger Database by means of a logistic regression and a Tobit model. The results widely confirm the hypotheses both regarding the negative impact of country risk on the decision whether to invest, and on the level of M&A intensity which can be observed in the country.

Country Risk --- M&A --- Asymmetric Information --- Deal Breakers --- Latin America --- Sciences économiques & de gestion > Finance

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Country risk --- Risque pays --- Country risk. --- Economic history. --- Politics and government. --- Social conditions. --- Sudan --- Sudan --- Sudan --- Soudan --- Soudan --- Sudan. --- Economic conditions --- Social conditions --- Politics and government --- Conditions économiques --- Politique et gouvernement

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This volume tests the relevance and usefulness of guarantees to public and private actors in developing countries, especially for funding development projects. The presence of guarantees from multilateral or bilateral agencies can encourage financial flows either to increase, or to go where they otherwise might not. In this way, they can have a positive effect on sovereign ratings as well as their immediate direct effect on the local development environment. As a bonus, this study finds, development guarantees can help stimulate and stabilize local capital markets, thus providing future benefits for both public and private investors.--Publisher summary.

Investment guaranty insurance. --- Development banks. --- Debts, External. --- Country risk. --- Country risk, Political --- Political risk (Foreign investments) --- Risk --- Debts, Foreign --- Debts, International --- External debts --- Foreign debts --- International debts --- Debt --- International finance --- Investments, Foreign --- Multilateral development banks --- Banks and banking --- Insurance, Investment guaranty --- Investment guarantee insurance --- Investment insurance --- Insurance --- India --- Mexico --- South Africa

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The intensification of capital flows is an important characteristic of globalization. Attracting foreign direct investment is a viable way of ensuring the external financing of developing countries. Foreign direct investment flows, in turn, are determined by the decisions of multinational enterprises. One important determinant of investment decisions is the political environment of potential host countries. Political risks like expropriations, riots, revolutions or civil wars are important obstacles for investment. This book empirically analyzes the impact of political risks on foreign direct investment flows to Latin American countries. A case study of Mexico and its policy towards foreign investors offers further empirical evidence for the importance of the political environment for investment decisions of multinationals.

Investments, Foreign --- Country risk --- Investissements étrangers --- Risque pays --- Political science & theory --- Economics --- America --- Analysis --- Case --- Direct --- Direktinvestition --- Empirical --- Environment --- Foreign --- Foreign Direct Investment --- Institutional --- Investment --- Lateinamerika --- Latin --- Mexico --- Multinational enterprise --- Political --- Politische Steuerung --- Politisches Risiko --- Risk --- Stosberg --- Study --- with

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Financial globalization has increased the significance of methods used in the evaluation of country risk, one of the major research topics in economics and finance. Written by experts in the fields of multicriteria methodology, credit risk assessment, operations research, and financial management, this book develops a comprehensive framework for evaluating models based on several classification techniques that emerge from different theoretical directions. This book compares different statistical and data mining techniques, noting the advantages of each method, and introduces new multicriteria methodologies that are important to country risk modeling. Key topics include: A review of country risk definitions and an overview of the most recent tools in country risk management In-depth analysis of statistical, econometric and non-parametric classification techniques Several real-world applications of the methodologies described throughout the text Future research directions for country risk assessment problems This work is a useful toolkit for economists, financial managers, bank managers, operations researchers, management scientists, and risk analysts. Moreover, the book can also be used as a supplementary text for graduate courses in finance and financial risk management.

Economics/Management Science. --- Economics/Management Science, general. --- Optimization. --- Statistics for Business/Economics/Mathematical Finance/Insurance. --- Econometrics. --- Probability Theory and Stochastic Processes. --- Economic Systems. --- Economics. --- Mathematical optimization. --- Distribution (Probability theory). --- Economics --- Economie politique --- Optimisation mathématique --- Distribution (Théorie des probabilités) --- Econométrie --- Statistics. --- Country risk. --- Investments, Foreign. --- Loans, Foreign -- Evaluation. --- Finance --- Business & Economics --- Investment & Speculation --- Economic Theory --- AA / International- internationaal --- 382.254 --- 333.109 --- 305.6 --- 305.7 --- Country risk --- -Country risk --- -332.6 --- Country risk, Political --- Political risk (Foreign investments) --- Risk --- Internationale kredieten. --- Veiligheid. Bankovervallen. Bankrisico's. --- Risicotheorie, speltheorie. Risicokapitaal. Beslissingsmodellen. --- Econometrie van het gedrag van de financiële tussenpersonen. Monetaire econometrische modellen. Monetaire agregaten. vraag voor geld. Krediet. Rente. --- Evaluation --- Econometric models --- Investments, Foreign --- Evaluation. --- Capital exports --- Capital imports --- FDI (Foreign direct investment) --- Foreign direct investment --- Foreign investment --- Foreign investments --- International investment --- Offshore investments --- Outward investments --- Business. --- Management science. --- Probabilities. --- Public finance. --- Public Economics. --- Business and Management, general. --- Capital movements --- Investments --- Distribution (Probability theory. --- Statistics for Business, Management, Economics, Finance, Insurance. --- Distribution functions --- Frequency distribution --- Characteristic functions --- Probabilities --- Statistical analysis --- Statistical data --- Statistical methods --- Statistical science --- Mathematics --- Econometrics --- Optimization (Mathematics) --- Optimization techniques --- Optimization theory --- Systems optimization --- Mathematical analysis --- Maxima and minima --- Operations research --- Simulation methods --- System analysis --- Trade --- Management --- Commerce --- Industrial management --- Economics, Mathematical --- Statistics --- Cameralistics --- Public finance --- Currency question --- Public finances --- Statistics . --- Probability --- Statistical inference --- Combinations --- Chance --- Least squares --- Mathematical statistics --- Quantitative business analysis --- Problem solving --- Statistical decision --- Internationale kredieten --- Veiligheid. Bankovervallen. Bankrisico's --- Risicotheorie, speltheorie. Risicokapitaal. Beslissingsmodellen --- Econometrie van het gedrag van de financiële tussenpersonen. Monetaire econometrische modellen. Monetaire agregaten. vraag voor geld. Krediet. Rente --- -Evaluation