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http://hdl.handle.net/10419/19674
  

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dc.contributor.authorFrey, Raineren_US
dc.contributor.authorHussinger, Katrinen_US
dc.date.accessioned2009-01-28T16:01:55Z-
dc.date.available2009-01-28T16:01:55Z-
dc.date.issued2006en_US
dc.identifier.urihttp://hdl.handle.net/10419/19674-
dc.description.abstractTechnological change is often hypothesized as one of the main drivers of merger activities. This paper analyzes the role of technology in mergers and acquisitions (M&As) at the firm level. Based on a newly created data set that combines financial information and patent data for public limited companies in Europe as well as country level variables, we apply a structural model to investigate technology-related motivations behind merger formation. Distinguishing between cross-border and domestic M&As, we find that technological relatedness of the M&A partners reduces uncertainty and the expected risk of failure associated with cross-border acquisitions significantly, whereas there is no evidence for technological complementarities driving domestic M&As. The relevance of technology for crossborder M&As further illustrates the international character of technology markets.en_US
dc.language.isoengen_US
dc.relation.ispartofseriesDiscussion paper Series 1 / Volkswirtschaftliches Forschungszentrum der Deutschen Bundesbank 2006,45en_US
dc.subject.jelO32en_US
dc.subject.jelO34en_US
dc.subject.jelG34en_US
dc.subject.jelC25en_US
dc.subject.ddc330en_US
dc.subject.keyworddomestic versus cross-border M&Asen_US
dc.subject.keywordtechnological relatednessen_US
dc.subject.keywordmarket relatednessen_US
dc.subject.stwÜbernahmeen_US
dc.subject.stwFusionen_US
dc.subject.stwMultinationales Unternehmenen_US
dc.subject.stwTechnologieen_US
dc.subject.stwPatenten_US
dc.subject.stwSchätzungen_US
dc.subject.stwWelten_US
dc.titleThe role of technology in M&As: a firm-level comparison of cross-border and domestic dealsen_US
dc.typeWorking Paperen_US
dc.identifier.ppn523082851en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.identifier.repecRePEc:zbw:bubdp1:5194-
Appears in Collections:Discussion Paper Series 1: Economic Studies, Deutsche Bundesbank

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