ABSTRACT. Buch and Kleinert claim that changes in real exchange rates affect the probability that domestic firms win bids over foreign firms if the acquisition of a (foreign) firm depends on the net worth of the investor. Kousis and McCulloch argue that registered banks are the main type of financial institution, dominating deposit-taking, provision of credit and financial risk management products, and the money market and payment system. Antràs et al. contend that investigating how global firms make operational and financing decisions in a world of heterogeneous institutions promises to provide a novel perspective on observed patterns of flows and firm activity.



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