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http://hdl.handle.net/10419/37013
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| Title: | | The effects of cross-border M&As on the acquirers' domestic performance: Firm-level evidence  |
| Authors: | | Stiebale, Joel Trax, Michaela |
| Issue Date: | | 2010 |
| Series/Report no.: | | Ruhr economic papers 159 |
| Abstract: | | This paper provides empirical evidence on the effects of cross-border M&As on investing firms' domestic performance in the U.K. and France. We build a new firm-level dataset that combines a global M&A database with balance sheet data for the years 2000-2007. Combining matching techniques with a difference-in-differences estimator, we find that cross-border deals boost on average domestic employment, sales, and investment, and they are not accompanied by a downsizing of the domestic labor force in neither of both countries. Further, acquisitions in knowledge-intensive industries lead to improvements in domestic productivity. Our results display some heterogeneity across industries and types of acquisitions, suggesting a connection between the motives for international acquisitions and their resulting effects. |
| Subjects: | | F23 G34 L23 D24 |
| JEL: | | F23 G34 L23 D24 |
| ISBN: | | 978-3-86788-178-4 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Publikationen von Forscherinnen und Forschern des RWI Ruhr Economic Papers, RWI
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