Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/109086 
Erscheinungsjahr: 
2015
Schriftenreihe/Nr.: 
IFN Working Paper No. 1057
Verlag: 
Research Institute of Industrial Economics (IFN), Stockholm
Zusammenfassung: 
An increasingly large share of cross-border acquisitions are undertaken by private equity-firms (PE-firms) and not by traditional multinational enterprises (MNEs). We propose a model of cross-border acquisitions in which MNEs and PE-firms compete over domestic assets. MNEs' advantage lies in firm-specific synergies and retained earnings, whereas PE-firms are good at reorganizing target firms. Prevailing interest rates do not work in favor of PE-firms, but a lower risk premium and a better financial market development does. Stronger firm-specific synergies, however, favors MNEs. Performing a welfare analysis, we show that a policy of restricting PE-firms from buying domestic assets can be counterproductive.
Schlagwörter: 
Cross-border
International Restructuring
Ownership Efficiency
Private Equity
M&As
JEL: 
F23
F65
L13
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
685.92 kB





Publikationen in EconStor sind urheberrechtlich geschützt.