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http://hdl.handle.net/10419/3803
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| Title: | | Cross-border mergers and acquisitions and the role of trade costs  |
| Authors: | | Hijzen, Alexander Görg, Holger Manchin, Miriam |
| Issue Date: | | 2006 |
| Series/Report no.: | | European economy / Economic Papers 242 |
| Abstract: | | Cross-border mergers and acquisitions (M&As) have increased dramatically over the last two decades. This paper analyses the role of trade costs in explaining the increase in both the number and the value of cross-border mergers and acquisitions. In particular, we distinguish horizontal and non-horizontal M&As and investigate whether distance and trade policy barriers affect these two types of mergers differently. We analyse this question using industry data for 23 OECD countries for the period 1990-2001. Our findings suggest that while in the aggregate trade costs affect cross-border merger activity negatively its impact differs importantly across horizontal and non-horizontal mergers. The impact of trade costs is less negative for horizontal mergers, which is consistent with the tariff-jumping argument. |
| Subjects: | | mergers and acquisitions international trade trade costs gravity FDI |
| JEL: | | F02 F15 F21 F23 |
| ISBN: | | 9279011839 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Publikationen von Forscherinnen und Forschern des IfW Economists Online
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