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Persistent link: https://www.econbiz.de/10003630573
Repatriation taxes reduce the competitiveness of multinational firms from tax credit countries when bidding for targets in low tax countries. This comparative disadvantage with respect to bidders from exemption countries violates ownership neutrality, which results in production inefficiencies...
Persistent link: https://www.econbiz.de/10010199701
We conduct an empirical investigation into the effects of foreign ownership on worker skills using firm-level data from … Spain. To control for endogeneity bias due to selection into foreign ownership, we combine a difference …-in-differences approach with a propensity score weighting estimator. Our results provide novel evidence that foreign-acquired firms actively …
Persistent link: https://www.econbiz.de/10011929606
with less foreign direct investment (FDI). With an improved dataset on tax autonomy of sub-federal government tiers, we …
Persistent link: https://www.econbiz.de/10012534568
-border M&A deals to investigate whether Chinese foreign acquisitions differ from acquisitions coming from other countries. We …
Persistent link: https://www.econbiz.de/10011992349
-concentration trade-off (in which only the most productive firms have a physical presence in foreign markets). Allowing for M&As raises …
Persistent link: https://www.econbiz.de/10011862878
heterogeneity of the transition economies into our analysis. We find that foreign banks target relatively large and efficient banks …. However, when foreign banks enter more developed transition economies that have made progress in economic reform, they acquire …
Persistent link: https://www.econbiz.de/10003749434
Taxing capital gains is an important obstacle to the efficient allocation of resources because it imposes a transaction cost on the vendor which locks in appreciated assets by raising the vendor's reservation price in prospective transactions. For M&As, this effect has been intensively studied...
Persistent link: https://www.econbiz.de/10011421573
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/10009772935
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/10009412377