Papers by Dimitrija Kalanoski
Differences in institution quality and the impact of international M&As on rivals’ expected performance
The institutional competitive advantage and disadvantage in cross-border M&As
The competitive effects of financial and fiscal institutional arbitrage opportunities: Evidence from cross-border M&AS
Long Range Planning, Jun 1, 2023
Environmental Research Letters, Jun 25, 2021
In Spring 2020, COVID-19 led to an unprecedented halt in public and economic life across the glob... more In Spring 2020, COVID-19 led to an unprecedented halt in public and economic life across the globe. In an otherwise tragic time, this provides a unique natural experiment to investigate the environmental impact of such a (temporary) 'de-globalization'. Here, we estimate the medium-run impact of a battery of COVID-19 related lockdown measures on air quality across 162 countries, going beyond the existing short-run estimates from a limited number of countries. In doing so, we leverage a new dataset categorizing lockdown measures and tracking their implementation and release, extending to 31 August 2020. We find that domestic and international lockdown measures overall led to a decline in PM2.5 pollution by 45% and 35%, respectively. This substantial impact persists in the medium-run, even as lockdowns are lifted, there is, however, substantial heterogeneity across different types of lockdown measures, different countries, and different sources of pollution. We show that some country trajectories are much more appealing (with fewer COVID-19 casualties, less economic downturn and bigger pollution reductions) than others. Our results have important policy implications and highlight the potential to 'build back better' a sustainable economy where pollution can be curbed in a less economically costly way than during the COVID-19 pandemic.
Horizontal Acquisitions and Rival Stock Reactions: A Competitive Dynamics Perspective
Academy of Management Proceedings
Managing Pandemics: How to Contain COVID-19 Through Internal and External Lockdowns and Their Release
Management Science
Containing a pandemic is first and foremost a management problem: one has to find ways to reduce ... more Containing a pandemic is first and foremost a management problem: one has to find ways to reduce mobility and physical contacts in order to slow down the spread of the virus. We discuss and construct a novel database of internal and external lockdown measures around the world and analyze whether they helped reduce the spread of infections and the number of deaths. We address the endogeneity of lockdowns by modeling anticipation effects. Our data cover 178 countries in the period from December 2019 to November 2020 and identify lockdown and release periods along with confirmed cases of infections and deaths resulting from COVID-19. Overall, we find that lockdowns were effective, reduced mobility, and saved about 3.6 million lives in developed countries within 100 days after they were implemented. Measures taken within countries (rather than border closure) and partial lockdowns (instead of more constraining measures) were the most effective. However, in developing countries, where th...
Development and integration of market and nonmarket strategies revisited: Market Investments as strategic political assets
Covid Economcs, May 28, 2020
We analyse whether the various types of lockdowns implemented around the world mitigated the surg... more We analyse whether the various types of lockdowns implemented around the world mitigated the surge in infections and reduced mortality related to the Covid-19, and whether their effectiveness differed in developing versus developed countries. Our data cover 184 countries from December 31st 2019 to May 4th 2020, and identifies when lockdowns were adopted, along with confirmed cases and deaths. We find that reducing movements within countries has been effective in developed economies-averting about 650,000 deaths-but not in developing ones, that countries that acted fast fared better, and that closing borders has had no appreciable effect, even after 50 days.
Formal Versus Informal Institutions and the Competitive Impact of International Mergers and Acquisitions
Academy of International Business, 2021
We analyse whether the various types of lockdowns implemented around the world mitigated the surg... more We analyse whether the various types of lockdowns implemented around the world mitigated the surge in infections and reduced mortality related to the Covid-19, and whether their effectiveness differed in developing versus developed countries. Our data cover 184 countries from December 31st 2019 to May 4th 2020, and identifies when lockdowns were adopted, along with confirmed cases and deaths. We find that reducing movements within countries has been effective in developed economies – averting about 650,000 deaths – but not in developing ones, that countries that acted fast fared better, and that closing borders has had no appreciable effect, even after 50 days.
Three Essays on Inter-Firm Arrangements and Firm Competitiveness
United We Stand Divided We Fall Symbiotic Coopetition Through Mergers and Acquisitions
77th Annual Meeting of the Academy of Management, AOM 2017, 2017
Coopetition characterizes situations in which firms simultaneously cooperate and compete. The ide... more Coopetition characterizes situations in which firms simultaneously cooperate and compete. The idea of coopetition has been talked about among management scholars for a while, but further theoretical and empirical explorations are still scarce. In the existing literature, coopetition is generally looked at through case studies on the co-development of a technology by a small number of players, while the same firms compete in the context of the commercialization of products based on this technology. The aim of this study is to advance a related but different concept: broad coopetition, that is, coopetition that takes place not only between a dyad of players, but rather in a widespread way among most market players. In this paper, we explore this idea in the context of M&As. We suggest that some M&As among direct competitors are likely to raise market expectations that encourage broad coopetition for all parties on the market, i.e., merging competitors and their rivals. Empirically, we...
The effect of M&As on rivals’ expected performance.The case of formal and informal institutions
78th Annual Meeting of the Academy of Management, 2018
Institutional Quality Differences and The Performance Effect Of M&As on Rival firms
Academy of Management Proceedings, 2018
While the value effect of M&As on acquiring firms is one of the most investigated topics in m... more While the value effect of M&As on acquiring firms is one of the most investigated topics in management research, the relationship between M&As and rivals’ performance remains relatively underexplored. Extant research has predominantly focused on how such relationship is affected by industry-level and firm-level variables. In so doing, it completely neglected the effect that institutional variables may have in the creation or destruction of opportunities for rival firms whose competitors engage in M&A activity. Consequently, this study examines how differences in the degree of development of the institutional environments of acquiring, target and rival firms may impact the performance of rivals upon M&A announcements. The results of our analysis, conducted on a unique sample of large and visible M&As, indicate that M&As affect rivals’ performance more positively when the institutional quality of their home country is higher than the acquirers’ but less positively when it is higher than the targets’. We als...
The Competitive Effects of Financial and Fiscal Institutional Arbitrage Opportunities
Saving the world from your couch: The heterogeneous medium-run benefits of COVID-19 lockdowns on air pollution
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Papers by Dimitrija Kalanoski