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Autor:innen: 
Erscheinungsjahr: 
2010
Schriftenreihe/Nr.: 
SSE/EFI Working Paper Series in Economics and Finance No. 731
Verlag: 
Stockholm School of Economics, The Economic Research Institute (EFI), Stockholm
Zusammenfassung: 
I present a model of international trade and foreign direct investment (FDI), where FDI is comprised of greenfield FDI and mergers and acquisitions (M&A). Working in a monopolistically competitive environment, merging firms do not reduce competition. Mergers are motivated by efficiency gains and transfer of technology and expertise. Following empirical evidence, I model greenfield investors as the more productive group relative to M&A firms. The model has two symmetric countries and generates two-way flows of both M&A and greenfield FDI. Greater proximity to a market makes more firms choose greenfield FDI over M&A when investing there. Empirical evidence supports this result.
Schlagwörter: 
Foreign direct investment
Mergers
Greenfield
Firm heterogeneity
JEL: 
F12
F23
O41
Dokumentart: 
Working Paper

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