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dc.contributor.authorFrey, Raineren
dc.contributor.authorHussinger, Katrinen
dc.date.accessioned2009-01-28T16:01:55Z-
dc.date.available2009-01-28T16:01:55Z-
dc.date.issued2006-
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
dc.language.isoengen
dc.publisher|aDeutsche Bundesbank |cFrankfurt a. M.en
dc.relation.ispartofseries|aDiscussion Paper Series 1 |x2006,45en
dc.subject.jelO32en
dc.subject.jelO34en
dc.subject.jelG34en
dc.subject.jelC25en
dc.subject.ddc330en
dc.subject.keyworddomestic versus cross-border M&Asen
dc.subject.keywordtechnological relatednessen
dc.subject.keywordmarket relatednessen
dc.subject.stwÜbernahmeen
dc.subject.stwFusionen
dc.subject.stwMultinationales Unternehmenen
dc.subject.stwTechnologieen
dc.subject.stwPatenten
dc.subject.stwSchätzungen
dc.subject.stwWelten
dc.titleThe role of technology in M&As: a firm-level comparison of cross-border and domestic deals-
dc.typeWorking Paperen
dc.identifier.ppn523082851en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:bubdp1:5194en

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