Showing 1 - 10 of 41
predicts the frequency of mergers and acquisitions to be negatively correlated with employment protection. These predictions …
Persistent link: https://www.econbiz.de/10005666907
Empirical studies have found that takeover activity is positively related to the absolute size of industry-level shocks. In this paper we develop a dynamic framework to analyze the timing of takeover which explains this pattern. Takeover may create value either by exploiting synergies or through...
Persistent link: https://www.econbiz.de/10008468572
that it is beneficial to be a non-merging rival firm to a large horizontal merger. Using a sample of mergers with expert …
Persistent link: https://www.econbiz.de/10005123810
We explain the empirical puzzle why mergers reduce profits, and raise share prices. If being an 'insider' is better …, since the risk of becoming an outsider is eliminated. We also show that mergers increasing consumers' prices, while …-competitive mergers. These results are derived in an endogenous-merger model, predicting the conditions under which mergers occur, the …
Persistent link: https://www.econbiz.de/10005504698
This paper analyses the effect of foreign acquisition on survival probability and employment growth of target plant using data on Swedish manufacturing plants during the period 1993-2002. An improvement over previous studies is that we take into account firm level heterogeneity by separating the...
Persistent link: https://www.econbiz.de/10005016249
2,500 acquisitions in the United Kingdom and United States are used to examine means of payment in acquisitions. There … has been a substantial increase in the proportion of acquisitions financed with cash in the United States over the period … equity acquisitions and the differences cannot be wholly attributed to the nature of the bid. Cash acquisitions display a …
Persistent link: https://www.econbiz.de/10005666479
Exit of venture-backed firms often takes place through sales to large incumbent firms. We show that in such an environment, venture-backed firms have a stronger incentive to develop basic innovations into commercialized innovations than incumbent firms, due to strategic product market effects....
Persistent link: https://www.econbiz.de/10005791605
This paper calculates returns to scale and productivity growth in UK manufacturing establishments in the electronics and food industries. Our results show that foreign establishments tend to have lower returns to scale than their domestic counterparts. We also examine the effect of the...
Persistent link: https://www.econbiz.de/10005791647
This paper seeks to identify the causal effect of foreign acquisitions on wages of skilled and unskilled workers, using … impacts result from acquisitions by EU multinationals. Also we discern some positive wage effects for unskilled workers … resulting from acquisitions by multinationals from the rest of the world. …
Persistent link: https://www.econbiz.de/10005792199
The first aim of this paper is to decompose the productivity advantage of foreign multinationals into two components: the technology and scale effect. The second aim is to analyse the causal relationship between foreign ownership and these two components of productivity growth. We do so by...
Persistent link: https://www.econbiz.de/10005123535