Raghuram Rajan | Macro Paper Warehousehttps://macropaperwarehouse.com/authors/raghuram-rajan/Raghuram RajanHugo -- gohugo.ioen-usThu, 01 Jan 2026 00:00:00 +0000Cross-Border Spillovers: How U.S. Monetary Conditions Affect M&As Around the Worldhttps://macropaperwarehouse.com/papers/cross-border-spillovers-how-u.s.-monetary-conditions-affect-mas-around-the-world/Thu, 01 Jan 2026 00:00:00 +0000https://macropaperwarehouse.com/papers/cross-border-spillovers-how-u.s.-monetary-conditions-affect-mas-around-the-world/<p>This paper examines how unexpected changes in U.S. monetary policy transmit to cross-border merger and acquisition (M&amp;A) activity globally, covering both the volume of deals and their quality as measured by acquirer stock price reactions. The motivation is threefold: M&amp;As represent a large, discrete form of capital reallocation with measurable quality proxies (announcement returns); their financing structure makes them especially sensitive to balance-sheet conditions; and cross-border deals offer a clean lens on international spillovers from core-country monetary policy.</p>