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All Outputs (5)

Acquirers and financial constraints: Theory and evidence from emerging markets (2021)
Journal Article
Mukherjee, R., & Proebsting, C. (2021). Acquirers and financial constraints: Theory and evidence from emerging markets. Journal of International Money and Finance, 117, Article 102440. https://doi.org/10.1016/j.jimonfin.2021.102440

Financial crises in emerging market economies induce diverging patterns of ownership stakes and subsequent divestiture rates among domestic and foreign acquirers. We rationalize these empirical findings in a tractable model where domestic acquirers a... Read More about Acquirers and financial constraints: Theory and evidence from emerging markets.

Taxes and international risk sharing (2016)
Journal Article
Epstein, B., Mukherjee, R., & Ramnath, S. (2016). Taxes and international risk sharing. Journal of International Economics, 102, 310-326. https://doi.org/10.1016/j.jinteco.2016.08.002

We extend a standard model of international risk sharing to include an empirically plausible distortion: Taxes. The tax-inclusive theory implies, even under full risk sharing, a predictable relationship between consumption growth and the consumption... Read More about Taxes and international risk sharing.

Fire-sale FDI or business as usual? (2015)
Journal Article
Alquist, R., Mukherjee, R., & Tesar, L. (2016). Fire-sale FDI or business as usual?. Journal of International Economics, 98, 93-113. https://doi.org/10.1016/j.jinteco.2015.09.003

Motivated by a set of stylized facts, we develop a model of cross-border mergers and acquisitions (M&As) to study foreign direct investment (FDI) in emerging markets. We compare acquisitions undertaken during financial crises – so called fire-sale FD... Read More about Fire-sale FDI or business as usual?.

Institutions, Corporate Governance and Capital Flows (2015)
Journal Article
Mukherjee, R. (2015). Institutions, Corporate Governance and Capital Flows. Journal of International Economics, 96(2), 338-359. https://doi.org/10.1016/j.jinteco.2015.03.001

Countries with weaker domestic investor protection hold less diversified international portfolios. An equilibrium business cycle model of North-South capital flow with corporate governance frictions between outside investors and corporate insiders ex... Read More about Institutions, Corporate Governance and Capital Flows.