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| Type | Master's Thesis |
| Scope | Discipline-based scholarship |
| Title | The Macroeconomic Determinants of Cross-Border M&A Transactions |
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| Institution | University of Zurich |
| Faculty | Faculty of Business, Economics and Informatics |
| Number of Pages | 47 |
| Date | 2020 |
| Abstract Text | This thesis investigates the Swiss cross-border mergers and acquisitions landscape and the factors associated with the flow of the deals. In particular, it studies the correlation of macroeconomic variables such as the exchange rate, equity returns, bond yield, GDP growth, and inflation rate with the direction of cross-border deals between Switzerland and Germany, France, Italy, UK, and US. The findings suggest that the macroeconomic factors are important in the cross-border transactions flow, however each of them has a different correlation with the deal direction depending on the country of interest. For instance, in some countries such as Germany, when the bond yield increases, the firms prefer to invest in countries with a lower yield, while in another countries such as US and Italy, when their bond yield decreases they look for investment opportunities in higher yield countries. Among the significant results, there are some variables that have consistent behavior such as the inflation rate and GDP growth rate such that when the rates are increasing in the acquiror country, there are more foreign acquisitions being performed. |
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