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Title:Cross-border mergers and acquisitions : on revealed comparative advantage and merger waves PDF Logo
Authors:Brakman, Steven
Garretsen, Harry
van Marrewijk, Charles
Issue Date:2005
Series/Report no.:CESifo working papers 1602
Abstract:By combining two large data sets (on international trade flows and on mergers and acquisitions – M&As), we are able to test two implications of Neary?s (2003, 2004a) recent theoretical work. Analyzing M&As in a General Oligopolistic Equilibrium (GOLE) model incorporating strategic interaction between firms in a general equilibrium setting, we argue that: (i) M&As follow revealed comparative advantage as measured by the Balassa index, and (ii) M&As come in waves. We find convincing support for both hypotheses, thus showing for the first time that there is an empirical connection between export performance and mergers and acquisitions
Subjects:comparative advantage
cross border mergers and acquisitions
merger waves
general oligopolistic equilibrium model
JEL:L13
F12
F10
Document Type:Working Paper
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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