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Financial centre primacy around the world: international analysis based on mergers and acquisitions data

Author

Listed:
  • Dariusz Wójcik
  • Liam Keenan
  • Vladimír Pažitka
  • Michael Urban
  • Wei Wu

Abstract

We analyse mergers and acquisitions in the financial sector between 2000 and 2017 to explore the domestic hierarchies of financial centres. Across a sample of 16 countries, we reveal different levels of financial centre primacy and explain how these levels change over time. These findings are analysed through a theoretical framework which integrates the literatures on urban primacy, global and world cities and comparative political economy. Situating our findings at the intersection of these literatures allows us to remain sensitive to geography, history and institutions in our analysis of financial centre primacy. Overall, our results show uneven levels of financial centre primacy around the world and that primate financial centres do not universally increase their dominance over time.

Suggested Citation

  • Dariusz Wójcik & Liam Keenan & Vladimír Pažitka & Michael Urban & Wei Wu, 2023. "Financial centre primacy around the world: international analysis based on mergers and acquisitions data," Journal of Economic Geography, Oxford University Press, vol. 23(4), pages 721-743.
    • Handle: RePEc:oup:jecgeo:v:23:y:2023:i:4:p:721-743.
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    File URL: http://hdl.handle.net/10.1093/jeg/lbac036
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    Cited by:

    1. Michiel N Daams & Philip McCann & Paolo Veneri & Richard Barkham & Dennis Schoenmaker, 2024. "Capital shocks and the great urban divide," Journal of Economic Geography, Oxford University Press, vol. 24(1), pages 1-21.

    More about this item

    Keywords

    Financial centres; mergers and acquisitions; urban primacy; global and world cities; comparative political economy;
    All these keywords.

    JEL classification:

    • G00 - Financial Economics - - General - - - General
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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