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Deutsche Bundesbank, Forschungszentrum, Frankfurt am Main >
Discussion Paper Series 1: Economic Studies, Deutsche Bundesbank >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/19674
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Full metadata record
| DC Field | | Value | | Language |
| dc.contributor.author | | Frey, Rainer | | en_US |
| dc.contributor.author | | Hussinger, Katrin | | en_US |
| dc.date.accessioned | | 2009-01-28T16:01:55Z | | - |
| dc.date.available | | 2009-01-28T16:01:55Z | | - |
| dc.date.issued | | 2006 | | en_US |
| dc.identifier.uri | | http://hdl.handle.net/10419/19674 | | - |
| dc.description.abstract | | Technological 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.iso | | eng | | en_US |
| dc.relation.ispartofseries | | Discussion paper Series 1 / Volkswirtschaftliches Forschungszentrum der Deutschen Bundesbank 2006,45 | | en_US |
| dc.subject.jel | | O32 | | en_US |
| dc.subject.jel | | O34 | | en_US |
| dc.subject.jel | | G34 | | en_US |
| dc.subject.jel | | C25 | | en_US |
| dc.subject.ddc | | 330 | | en_US |
| dc.subject.keyword | | domestic versus cross-border M&As | | en_US |
| dc.subject.keyword | | technological relatedness | | en_US |
| dc.subject.keyword | | market relatedness | | en_US |
| dc.subject.stw | | Übernahme | | en_US |
| dc.subject.stw | | Fusion | | en_US |
| dc.subject.stw | | Multinationales Unternehmen | | en_US |
| dc.subject.stw | | Technologie | | en_US |
| dc.subject.stw | | Patent | | en_US |
| dc.subject.stw | | Schätzung | | en_US |
| dc.subject.stw | | Welt | | en_US |
| dc.title | | The role of technology in M&As: a firm-level comparison of cross-border and domestic deals | | en_US |
| dc.type | | Working Paper | | en_US |
| dc.identifier.ppn | | 523082851 | | en_US |
| dc.rights | | http://www.econstor.eu/dspace/Nutzungsbedingungen | | - |
| Appears in Collections: | | Discussion Paper Series 1: Economic Studies, Deutsche Bundesbank
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