Cross-border mergers and acquisitions and the role of trade costs

Arbeitspapier

Cross-border mergers and acquisitions (M&As) have increased dramatically over the last two decades. This paper analyses the role of trade costs in explaining the increase in both the number and the value of cross-border mergers and acquisitions. In particular, we distinguish horizontal and non-horizontal M&As and investigate whether distance and trade policy barriers affect these two types of mergers differently. We analyse this question using industry data for 23 OECD countries for the period 1990-2001. Our findings suggest that while in the aggregate trade costs affect cross-border merger activity negatively its impact differs importantly across horizontal and non-horizontal mergers. The impact of trade costs is less negative for horizontal mergers, which is consistent with the tariff-jumping argument.

Angaben zum Objekt

• ISBN: 9279011839
• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: European Economy - Economic Papers ; No. 242

Klassifikation und Themen

• Klassifikation: Wirtschaft ; International Economic Order and Integration ; Economic Integration ; International Investment; Long-term Capital Movements ; Multinational Firms; International Business
• Thema: mergers and acquisitions ; international trade ; trade costs ; gravity ; FDI ; Direktinvestition ; Übernahme ; Außenhandelsbeschränkung ; Volkswirtschaftlicher Schaden ; OECD-Staaten

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Hijzen, Alexander ; Görg, Holger ; Manchin, Miriam
• Ereignis: Veröffentlichung
• (wer): European Commission, Directorate-General for Economic and Financial Affairs
• (wo): Brussels
• (wann): 2006

Weitere Informationen

• Handle: http://hdl.handle.net/10419/3803
• Letzte Aktualisierung: 10.03.2025, 11:44 MEZ