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This paper provides an empirical explanation to the observed disparity in cross-border merger and acquisition inflows to developing and developed countries over the past two decades. We show two main results. First, the disparity can be attributed to the difference in the quality of institutions between the two groups of countries. Second, the gain from reforming institutions in developing countries is smaller than that in developed countries. These findings suggest that, with the current speed of institutional reforms in some developing countries, the disparity in cross-border merger and acquisition inflows is likely to persist.

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We examine whether the three-point rule-the increase in rewards for a win from two to three points that the Fédération Internationale de Football Association (FIFA) adopted in 1995-makes Bundesliga games become more exciting. Using regression discontinuity design as the empirical strategy, we do not find evidence that the threepoint rule makes games more decisive, increases the number of goals, or decreases goal differences. We only find some evidence that the three-point rule increases the second-half goals of losing first-half teams. Overall, our results suggest that, in the case of Bundesliga games, the three-point rule does not work as FIFA intended.