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Autor:innen: 
Erscheinungsjahr: 
2012
Schriftenreihe/Nr.: 
Kiel Working Paper No. 1805
Verlag: 
Kiel Institute for the World Economy (IfW), Kiel
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, which are in turn more productive than exporters. 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
acquisitions
greenfield
firm heterogeneity
JEL: 
F12
F23
Dokumentart: 
Working Paper

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