Showing 1 - 10 of 1,587
This paper analyses tax competition and tax coordination in a model where capital flows occur in the form of mergers and acquisitions, rather than greenfield investment. In this framework, we show that differences in residence based taxes do not necessarily distort international ownership...
Persistent link: https://www.econbiz.de/10013153614
We study upstream horizontal mergers and their potential efficiency gains. We show that an upstream horizontal merger … and decreases wholesale prices when downstream competition is not too strong. Examining whether the merger's potential …
Persistent link: https://www.econbiz.de/10013157197
We analyze the impact of a merger on firms' incentives to innovate. We show that the merging parties always decrease … their innovation efforts post-merger while the outsiders to the merger respond by increasing their effort. A merger tends to … reduce overall innovation. Consumers are always worse off after a merger. Our model calls into question the applicability of …
Persistent link: https://www.econbiz.de/10012951696
merger by either reducing or increasing both price and quality. Welfare implications are not clear-cut and mergers might …
Persistent link: https://www.econbiz.de/10013019860
We show that the presence of a strategic tax policy increases the incentive for a horizontal merger compared to the … a horizontal merger that has been ignored in the existing literature. In contrast to the usual belief, we also show that … a horizontal merger may benefit the consumers and the society …
Persistent link: https://www.econbiz.de/10013045922
a merger among them. We show that when manufacturers distribute their products through multi-product retailers, a … manufacturers merger, although it leads to an increase in the wholesale prices, it can enhance product variety. The merger generated … products to consumers, a merger never results into more product variety. Still, both in the presence and in the absence of …
Persistent link: https://www.econbiz.de/10013047344
In this paper we compare the profitability of a merger to the profitability of a partial ownership arrangement and find …
Persistent link: https://www.econbiz.de/10013148773
In this paper, we analyze tax competition in a model where investor firms have the choice between two types of investment, greenfield investment and mergers and acquisitions. We show that the coexistence of these two types of investment intensifies tax competition in comparison to the case where...
Persistent link: https://www.econbiz.de/10013316566
We modify the UPP test of Farrell and Shapiro (2010) to take into account the possibility that a merger weakens (or … eliminates) a vertical supply relationship. After deriving a general effect of the merger, we provide an example of simple …
Persistent link: https://www.econbiz.de/10012999622
In contrast to empirical evidence, recent theories of cross-border mergers and acquisitions (M&As) assume perfect knowledge transfers – from high to low productivity firms – between acquirer and target. Using the Melitz (2003) model of heterogeneous firms, we develop a matching model of...
Persistent link: https://www.econbiz.de/10012914676