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dc.contributor.authorFrey, Raineren_US
dc.contributor.authorHussinger, Katrinen_US
dc.date.accessioned2009-02-16T14:57:05Z-
dc.date.available2009-02-16T14:57:05Z-
dc.date.issued2006en_US
dc.identifier.urihttp://hdl.handle.net/10419/24524-
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 firms 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 cross-border M&As further illustrates the international character of technology markets.en_US
dc.language.isoengen_US
dc.publisherZentrum für Europäische Wirtschaftsforschung (ZEW) Mannheimen_US
dc.relation.ispartofseriesZEW Discussion Papers 06-69en_US
dc.subject.jelO34en_US
dc.subject.jelO32en_US
dc.subject.jelC25en_US
dc.subject.jelG34en_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.titleThe Role of Technology in M&As: A Firm Level Comparison of Cross-Border and Domestic Dealsen_US
dc.typeWorking Paperen_US
dc.identifier.ppn519033574en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.identifier.repecRePEc:zbw:zewdip:5463-
Appears in Collections:Publikationen von Forscherinnen und Forschern des ZEW
ZEW Discussion Papers

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