Cross-Border Mergers and Acquisitions: On Revealed Comparative Advantage and Merger Waves
Cross-Border Mergers and Acquisitions: On Revealed Comparative Advantage and Merger Waves
By combining two large data sets (on international trade flows and on mergers and acquisitions - M&As), we are able to test two implications of Neary's (2003, 2004a) recent theoretical work. Analyzing M&As in a General Oligopolistic Equilibrium (GOLE) model incorporating strategic interaction between firms in a general equilibrium setting, we argue that: (i) M&As follow revealed comparative advantage as measured by the Balassa index, and (ii) M&As come in waves. We find convincing support for both hypotheses, thus showing for the first time that there is an empirical connection between export performance and mergers and acquisitions.
- Erasmus University Rotterdam Netherlands
- Utrecht University Netherlands
- Universiteit Utrecht
- Rijksuniversiteit Groningen
- Radboud University Nijmegen Netherlands
Multinationales Unternehmen, Welt, comparative advantage, Comparative Advantage; Cross-border Mergers and Acquisitions; Merger Waves; General Oligopolistic Equilibrium Trade Model, Komparativer Vorteil, Comparative Advantage, Merger Waves, F10, F12, Fusion, merger waves, L13, ddc:330, General Oligopolistic Equilibrium Trade Model, EUR ESE 01, comparative advantage, cross border mergers and acquisitions, merger waves, general oligopolistic equilibrium model, Allgemeines Gleichgewicht, general oligopolistic equilibrium model, Komparativer Kostenvorteil, cross border mergers and acquisitions, Oligopol, Cross-border Mergers and Acquisitions, Übernahme, Schätzung, jel: jel:F10, jel: jel:F12, jel: jel:L13
Multinationales Unternehmen, Welt, comparative advantage, Comparative Advantage; Cross-border Mergers and Acquisitions; Merger Waves; General Oligopolistic Equilibrium Trade Model, Komparativer Vorteil, Comparative Advantage, Merger Waves, F10, F12, Fusion, merger waves, L13, ddc:330, General Oligopolistic Equilibrium Trade Model, EUR ESE 01, comparative advantage, cross border mergers and acquisitions, merger waves, general oligopolistic equilibrium model, Allgemeines Gleichgewicht, general oligopolistic equilibrium model, Komparativer Kostenvorteil, cross border mergers and acquisitions, Oligopol, Cross-border Mergers and Acquisitions, Übernahme, Schätzung, jel: jel:F10, jel: jel:F12, jel: jel:L13
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