Federico Carril Caccia- PhD in Economics
- Professor (Associate) at University of Granada
Federico Carril Caccia
- PhD in Economics
- Professor (Associate) at University of Granada
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37
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Introduction
Federico Carril Caccia obtained his PhD at the University of Granada. He does research in International Economics, particularly the determinants and impact of foreign direct investment.
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Publications
Publications (37)
We study the relationship between corporate income taxes and mergers and acquisitions (M&As). To this end, we compile and deploy a dataset consisting of all cross-border and domestic M&A deals for 118 source (acquirer) and 122 destination (target) countries and 84 sectors over the period 1995-2019. From a methodological perspective, we implement le...
This paper quantifies the effects of economic sanctions on cross-border Mergers and Acquisitions’ (M&As) using a structural gravity model. It gauges (1) the impact that sanctions have directly on M&As from the sanctioning to the sanctioned country; (2) if a significant share of M&As employ transit countries to circumvent sanctions; and (3) the hete...
Using a bilateral dataset of trips for 32 European countries for the period 2012–2019, we aim to gauge the size and evolution of the border effect on tourism: the extent to which domestic tourism is greater (or lesser) than international tourism. We found that the tourism flow within countries was 24 times greater than between countries. Also, we s...
This paper explores whether social ties, proxied by Facebook friendship links, can explain why the number and value of mergers and acquisitions (M&As) are greater within countries than between countries. We find that social ties are positively correlated with the number and value of M&As. We also demonstrate that the home bias in M&As is greatly re...
This work assesses the impact of terrorism suffered by a country on the capacity to attract foreign greenfield investments. To this end, we estimate a theoretically consistent structural gravity equation which accounts for several well-known estimation biases such as ‘home bias’, endogeneity and multilateral resistance. This specification makes it...
Using a firm-level dataset of more than 500,000 domestic and cross-border mergers and acquisitions (M&As) for 95 countries during the period 1995–2015, we measure the level and evolution of the border effect on M&As. We find that the number and value of M&As between same-country firms are five times larger than between firms of different countries....
A gravity model is used to investigate the impact of the stringency and enforcement of the environmental regulation on Spanish investment flows abroad during the period 2008–2018. From the pollution haven hypothesis’ (PHH) perspective, the research tests if offshoring and outsourcing processes from Spanish multinational enterprises (MNEs) were due...
In this article, we examine the impact of terrorist attacks on asylum-related migration flows. So far, the literature that examines the “push factors” such as terrorism that explain forced migration has omitted the fact that the vast majority of people forced to flee typically do so toward other locations within the country. The novel feature of ou...
This study contributes to the literature seeking to test the pollution haven’s hypothesis (PHH), by focusing on the influence of environmental policy on the location’s decision of cross-border Mergers and Acquisitions (M&As). To this end, we estimate a gravity model using an original bilateral database for the extensive margin of M&A among 34 devel...
This article aims to provide new insight on how Brexit will affect foreign direct investment (FDI) into the UK. By estimating an augmented gravity equation which accounts for the depth of free trade agreements (FTAs) as well as for EU and euro area membership, the article gauges the potential impact that different EU-UK trade scenarios might have o...
Purpose
The present article analyses the effects of cross-border mergers and acquisitions (CBM&As) on targets' total factor productivity (TFP), employment, wages and intangible-asset investment. The author investigates whether the impact of CBM&As differs depending on the origin of the investing multinational (MNE). The author distinguishes between...
This study examines the characteristics and motivations of Chinese investors in Spain. First, we track Chinese investments by merging different sources and ends with a firm-level dataset that allow us to draw a more realistic picture of Chinese outward foreign direct investment in Spain. Second, we gather qualitative information thanks to a unique...
The present article deals with how the insertion in international trade and Global Value Chains (GVCs) of countries affect their capacity of attracting foreign Mergers and Acquisitions (M&As). To this end, we combine data for bilateral M&As and trade in value added for the period 2001‐2015 and estimate an augmented gravity equation. Results indicat...
The present work reassesses the impact of good governance and democracy on Foreign Direct Investment (FDI) in oil-abundant countries. To this end, we estimate the effect of host countries’ institutions on greenfield FDI, using a gravity equation for a dataset that covers 182 countries during 2003-2012. Our findings confirm that compliance to rule o...
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The present work reassesses the link between natural resources, institutional quality and foreign direct investment (FDI). In particular, we focus on the impact of good governance and democracy on foreign direct investment in oil-abundant countries. To this end, we estimate the effect of host countries' institutions on the extensive margin (number...
In the last decade, the share of Foreign Direct Investment (FDI) outflows from emerging countries (EOFDI) increased dramatically, and substantially changed the landscape of the world economy. This paper summarises the findings of the flourishing literature about the reasons and consequences of EOFDI. We first review the economic theories that expla...
El presente artículo presenta un análisis comparado del impacto de las crisis financieras sobre la inversión extranjera directa (IED) en fusiones y adquisiciones en España. En concreto, se analizan las consecuencias de las crisis financieras pasadas sobre la IED en España y en el mundo, y se comparan sus efectos con la reciente crisis financiera co...
Este artículo presenta las características y determinantes de la inversión extranjera directa (IED) china, su evolución en España y el impacto de las fusiones y adquisiciones (FyA) sobre las empresas adquiridas. La literatura muestra que la IED china en España está motivada por acce-der a nuevos mercados y adquirir activos estratégicos. China se si...
In the last decade, the share of FDI outflows from emerging countries (EOFDI) increased dramatically, and substantially changed the landscape of the world economy. This paper summarises the findings of the flourishing literature about the reasons and consequences of EOFDI. We first review the economic theories that explain emerging multinationals i...
The relevance of foreign direct investment (FDI) as a source of economic activity has increased rapidly over the last decade. Between 2000 and 2016 the share of FDI stock in global GDP increased from 22% to 35%. Following a decline during the Great Recession, mergers and acquisitions (M&As), the most dynamic component of FDI, have recovered, reachi...
This policy brief summarizes the findings from a study on the determinants of greenfield investment in the Middle East and North Africa region (MENA). The results point out that institutional deficiencies deter foreign direct investment in the region and in particular, for the main oil producers within this region. Improvements in the areas of demo...
According to our study, improving institutional quality is more likely to foster FDI in MENA oil producers than in MENA no oil producers while the presence of natural resources could be expected to undermine the positive impact of institutions' quality could have on FDI. This may be explained by the fact that the oil production of such MENA countri...
In the last decade, the share of Foreign Direct Investment (FDI) outflows from emerging countries (EOFDI) increased dramatically, and substantially changed the landscape of the world economy. This paper summarises the findings of the flourishing literature about the reasons and consequences of EO-FDI. We first review the economic theories that expl...
We study the profiles of Chinese investors in Spain. To this end, we rely on firm-level data and on primary data obtained through a questionnaire. We focus on projects in manufacturing, renewable energy and wholesale and retail trade. Chinese firms investing in manufacturing aim to acquire and develop new capabilities and to access not only the Spa...
This study examines the determinants of Chinese outward foreign direct investment (OFDI) in Spain. The study is based on an extensive review of FDI determinants, taking into consideration the conventional theory, specific determinants for emerging countries multinationals and empirical verifications. From this literature, we identify a list of hypo...
