Fire-Sale Foreign Direct Investment and Liquidity Crises

By Mark Aguiar, Gita Gopinath. Review of Economics and Statistics, 2005

218 citations recorded by the source corpus.

Subfields: Accounting, Finance, Strategy and Management

View Paper: https://www.semanticscholar.org/paper/f4a136f7dc7b8e14e40fba7d3c670bbb0eaba947

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Citations in the corpus

Financial Constraints and Growth: Multinational and Local Firm Responses to Currency Depreciations (2008, background): “Aguiar and Gopinath (2005) study the frequency and terms of cross-border mergers and acquisitions subsequent to currency crises in Asia.”
Corporate Governance Reforms Around the World and Cross-Border Acquisitions (2013, unknown): “Aguiar and Gopinath (2005) find that the number of foreign M&As in East Asia increased by 88% between 1996 and 1998, a period when a number of countries in that region experienced financial crises.”
Do Some Forms of Financial Flows Help Protect Against "Sudden Stops"? (2007, background): “Albuquerque, Loayza, and Servén (2005) show that the share of variation in FDI that is attributable to global factors has increased dramatically over the past two decades.”
The Real Effect of Banking Crises (2005, result): “This result is consistent with the hypothesis in Aguiar and Gopinath (2005) that firm liquidity may play a role in determining the cross-industry pattern of mergers and acquisitions.”
Multinationals as Arbitrageurs: The Effect of Stock Market Valuations on Foreign Direct Investment (2009, unknown): “Thus, although Aguiar and Gopinath (2005) find evidence of fire-sale FDI in emerging markets in crisis situations, the majority of the world’s FDI flows are between developed countries (Feenstra, 1999), and so the cheap assets channel may not be an important general driver of FDI patterns.”
Inefficient Credit Booms (2007, background): “Systematic evidence on fire sales is presented in Pulvino (1998) and Aguiar and Gopinath (2005).”
Leverage, Moral Hazard and Liquidity (2010, unknown): “…similar stocks in Coval and Stafford (2006), and, finally, in an international setting where foreign direct investment increases during emerging market crises to acquire assets at steep discounts in the evidence by Krugman (1998), Aguiar and Gopinath (2005), and Acharya, Shin and Yorulmazer (2007).”
The Composition Matters: Capital Inflows and Liquidity Crunch During a Global Economic Crisis (2009, unknown): “This is shown by Aguiar and Gopinath (2005) and Desai, Foley, and Forbes (2008).”
Policy Uncertainty, Irreversibility, and Cross-Border Flows of Capital (2013, unknown): “Undervaluation in the host-country stock market may present an attractive investment opportunity for international investors (Shleifer and Vishny (1992), Krugman (1998), and Aguiar and Gopinath (2005)).”
Labor Markets and the Demand for Foreign Direct Investment (2010, background): “…public opinion data to test the consistency of preferences with predicted 29+ Hainmueller and Hiscox 2006+ 30+ Scheve and Slaughter 2004+ 31+ Aguiar and Gopinath 2005+ 32+ For example, Branstetter and Feenstra 2002 demonstrate that China protected state-owned firms from FDI-induced…”
Gross Capital Flows : Dynamics and Crises (2011, unknown): “See, for example, Krugman (1998), Aguiar and Gopinath (2005), Baker, Foley, and Wurgler (2009), and Acharya, Shin, and Yorulmazer (2010). In addition, despite the reduction in dollar terms, the quantity of assets purchased by foreigners might not actually decrease during crises due to the reduction ”