Cross-border mergers & acquisitions and the role of trade costs /
Cross-border mergers and acquisitions (M&As) have increased dramatically over the last two decades. This paper analyses the role of trade costs in explaining the increase in both the number and the value of cross-border mergers and acquisitions. In particular, we distinguish horizontal and non-h...
| Κύριος συγγραφέας: | Hijzen, Alexander. |
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| Corporate συγγραφέας: | European Commission : Directorate-General for Economic and Financial Affairs. |
| Άλλοι συγγραφείς: | Horg, Holger., Manchin, Miriam. |
| Μορφή: | Βιβλίο |
| Γλώσσα: | Greek English |
| Στοιχεία έκδοσης: |
Brussels- Belgium:
European Comission: Directorate-General for Economic and Financial Affairs,
2006.
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| Σειρά: |
European Economy. Economic papers ;
242. |
| Διαθέσιμο Online: |
http://ec.europa.eu/economy_finance/publications/publication_summary829_en.htm |
| Ετικέτες: |
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| Περίληψη: |
Cross-border mergers and acquisitions (M&As) have increased dramatically over the last two decades. This paper analyses the role of trade costs in explaining the increase in both the number and the value of cross-border mergers and acquisitions. In particular, we distinguish horizontal and non-horizontal M&As and investigate whether distance and trade policy barriers affect these two types of mergers differently. We analyse this question using industry data for 23 OECD countries for the period 1990-2001. Our findings suggest that while in the aggregate trade costs affect cross-border merger activity negatively its impact differs importantly across horizontal and non-horizontal mergers. The impact of trade costs is less negative for horizontal mergers, which is consistent with the tariff-jumping argument. |
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| Φυσική περιγραφή: |
33 σ.: πιν. 30 εκ. |
| ISSN: |
1016-8060 (print) 1725-3187 (online) |
| Σχετικά τεκμήρια: |
Economic Papers |