Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/128084
Authors: 
Herger, Nils
McCorriston, Steve
Year of Publication: 
2014
Series/Report no.: 
Working Paper, Study Center Gerzensee 14.02
Abstract: 
By using data on cross-border acquisitions (CBAs), this paper explores the distribution of the strategies pursued when multinational enterprizes integrate a foreign subsidiary into their organisational structure. Based on a measure of vertical relatedness, each of the 165,000 acquisitions in our sample covering 31 source and 58 host countries can be classified as horizontal, vertical, or conglomerate. Three novel features of CBAs are highlighted. First, horizontal and vertical CBAs are relatively stable over time. Second, substantial parts of CBAs involve conglomerate acquisitions. Third, the wave-like growth of CBAs arises primarily from changes in conglomerate activity, which responds to international valuation differences between financial markets.
Subjects: 
Cross-Border Acquisitions
Multinational Firm
Horizontal Merger
Vertical Merger
Conglomerate Merger
JEL: 
F15
F21
F23
F33
Document Type: 
Working Paper

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