Cross-border Spillovers: How US Financial Conditions affect M&As Around the World

We study how U.S. monetary policy shocks transmit to cross-border merger and acquisition (M&A) activity. Using country- and firm-level data, tighter U.S. policy is shown to reduce both the value and the number of cross-border deals. The effects are especially pronounced for acquirer firms with本研究探讨美国货币政策冲击如何传导至跨境并购（Merger and Acquisition, M&A）活动。本研究使用国家层面与企业层面的数据，研究表明紧缩的美国货币政策会同时降低跨境并购交易的规模与数量。该效应在收购方企业中表现尤为显著。