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Cross-Border Mergers & Acquisitions : The Facts as a Guide for International Economics

Brakman, Steven; Garretsen, Harry; van Marrewijk, Charles - 2021

Using a detailed and large data set on cross-border merger and acquisitions we discuss the relationship between theory and observed empirical characteristics: (i) most FDI is in the form of M&As, (ii) firms engaged in M&As seem to be 'market-seeking', (iii) M&As come in waves (the most recent...

Persistent link: https://www.econbiz.de/10013317375

CEO Preferences and Acquisitions

Jenter, Dirk - 2011

of takeover bids. Mergers frequently force target CEOs to retire early, and CEOs' private merger costs are the forgone … costs, we find strong evidence that target CEO preferences affect merger patterns. The likelihood of receiving a takeover … in takeover activity appears discretely at the age-65 threshold, with no gradual increase as CEOs approach retirement age …

Persistent link: https://www.econbiz.de/10013117262

Creative Destruction and Productive Preemption

Norback, Pehr-Johan - 2013

We develop a theory of innovation for entry and sale into oligopoly, and show that inventions of higher quality are more likely to be sold (or licensed) to an incumbent due to strategic product market effects on the sales price. Such preemptive acquisitions by incumbents are shown to stimulate...

Persistent link: https://www.econbiz.de/10013087725

Source Versus Residence Based Taxation with International Mergers and Acquisitions

Becker, Johannes - 2009

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

A Simple Model of Mergers and Innovation

Federico, Giulio - 2017

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...

Persistent link: https://www.econbiz.de/10012951696

The Role of Toeholds and Capital Gains Taxes for Corporate Acquisition Strategies

Liberini, Federica - 2016

cash and stock used to finance the takeover (the method of payment). Within this framework, we analyze the effect of the …

Persistent link: https://www.econbiz.de/10012978390

Income Tax Buyouts and Income Tax Evasion

Goerke, Laszlo - 2014

A tax buyout is a contract between tax authorities and a tax payer which reduces the marginal income tax rate in exchange for a lump-sum payment. While previous contributions have focussed on labour supply, we consider the interaction with tax evasion and show that a buyout can increase expected...

Persistent link: https://www.econbiz.de/10013058508

The Location of Cross-Border Mergers & Acquisitions in the USA

Brakman, Steven - 2015

access to the rest of the world (through transport hubs) are key drivers for target selection …

Persistent link: https://www.econbiz.de/10013023112

Mergers and Partial Ownership

Foros, Øystein - 2010

In this paper we compare the profitability of a merger to the profitability of a partial ownership arrangement and find that partial ownership arrangements can be more profitable for the acquiring and acquired firm because they can result in a greater dampening of competition. We also derive...

Persistent link: https://www.econbiz.de/10013148773

Buying to Sell : Private Equity Buyouts and Industrial Restructuring

Norback, Pehr-Johan - 2013

We show how temporary ownership by private equity firms affects industry structure, competition and welfare. Temporary ownership leads to strong investment incentives because equilibrium resale prices are determined by buyers incentives to block rivals from obtaining assets. These incentives...

Persistent link: https://www.econbiz.de/10013078529

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