Investment Liberalization - Who Benefits from Cross-Border Mergers & Acquisitions?

Arbeitspapier

Investment liberalizing countries are often concerned that cross-border mergers & acquisitions might have an adverse effect on domestic firms and benefit multinational enterprises (MNEs). However, given that domestic assets are sufficiently scarce, we identify a preemption effect and an asset complementarity effect which imply that the acquisition price is substantially higher than the domestic seller's reservation price. The preemption effect also implies that the seller might capture some of the MNEs' initial rents. Moreover, other policies used in times of investment liberalization, such as restructuring, are explained through their effect on the value of the domestic assets.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: IUI Working Paper ; No. 569

Klassifikation und Themen

• Klassifikation: Wirtschaft ; International Economic Order and Integration ; Multinational Firms; International Business ; Antitrust Law ; Oligopoly and Other Imperfect Markets ; Comparison of Public and Private Enterprises and Nonprofit Institutions; Privatization; Contracting Out ; Microeconomic Analyses of Economic Development
• Thema: Investment Liberalization ; FDI ; Mergers & Acquisitions ; Restructuring ; Internationales Investitionsrecht ; Deregulierung ; Übernahme ; Wirkungsanalyse ; Theorie

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Norbäck, Pehr-Johan ; Persson, Lars
• Ereignis: Veröffentlichung
• (wer): The Research Institute of Industrial Economics (IUI)
• (wo): Stockholm
• (wann): 2001

Weitere Informationen

• Handle: http://hdl.handle.net/10419/94752
• Letzte Aktualisierung: 20.09.2024, 08:22 MESZ