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The Impact of FDI on Innovation in Target Firms

Stiebale, Joel; Reize, Frank - 2008

share of sales from product innovations is not significantly affected by a foreign takeover for a given amount of innovation …

Persistent link: https://www.econbiz.de/10010264721

(How) Do the ECB and the Fed React to Financial Market Uncertainty? – The Taylor Rule in Times of Crisis

Belke, Ansgar; Klose, Jens - 2010

We assess differences that emerge in Taylor rule estimations for the Fed and the ECB before and after the start of the subprime crisis. For this purpose, we apply an explicit estimate of the equilibrium real interest rate and of potential output in order to account for variations within these...

Persistent link: https://www.econbiz.de/10010269998

Explaining ECB and Fed interest rate correlation: Economic interdependence and optimal monetary policy

Mandler, Martin - 2010

This paper studies whether the observed high correlation between monetary policy in the U.S. and the Euro area can be explained by economic fundamentals, i.e. by macroeconomic interdependence between the two regions. We show that an optimal monetary policy reaction function for the ECB that...

Persistent link: https://www.econbiz.de/10010286383

National Champion Versus Foreign Takeover

Südekum, Jens - 2008

firm are engaged in a takeover battle for a domestic competitor. Any merger or acquisition (M&A) must be approved by the … national government whose objective function may include a bias against the foreign takeover. That bias endogenously results … qualitatively different effect. The foreign takeover would then only emerge in an intermediate range of trade costs. Once trade …

Persistent link: https://www.econbiz.de/10010264736

Private Equity, Investment and Financial Constraints – Firm-Level Evidence for France and the United Kingdom

Engel, Dirk; Stiebale, Joel - 2009

The welfare effects of private equity transactions are debated controversially. We analyze the impact of expansion financing and buyouts by private equity investors on investment of portfolio firms in the UK and France - two countries with different financial systems. Unobserved heterogeneity...

Persistent link: https://www.econbiz.de/10010265827

The Impact of Foreign Acquisitions on the Investors' R&D Activities – Firm-level Evidence

Stiebale, Joel - 2010

combines survey data for German firms with a merger and acquisition database. After a cross-border acquisition, investing firms …

Persistent link: https://www.econbiz.de/10010269979

The Effects of Cross-border M&As on the Acquirers' Domestic Performance – Firm-level Evidence

Stiebale, Joel; Trax, Michaela - 2010

This paper provides empirical evidence on the effects of cross-border M&As on investing firms' domestic performance in the U.K. and France. We build a new firm-level dataset that combines a global M&A database with balance sheet data for the years 2000-2007. Combining matching techniques with a...

Persistent link: https://www.econbiz.de/10010269996

Productivity and the Internationalization of Firms – Cross-border Acquisitions versus Greenfield Investments

Trax, Michaela - 2011

This paper extends the literature on the determinants of international activity at the fi rm level towards cross-border acquisitions and greenfield investments as different modes of FDI using a rich dataset of British firms. While multinational firms are characterized by higher productivity...

Persistent link: https://www.econbiz.de/10010274446

The Importance of Global Shocks for National Policy Makers - Rising Challenges for Central Banks

Belke, Ansgar; Rees, Andreas - 2009

We analyze the importance of global shocks for the global economy and national policy makers. More specifically, we investigate whether monetary policy has become less effective in the wake of financial globalization. We also examine whether there is increasing uncertainty for central banks due...

Persistent link: https://www.econbiz.de/10010265787

Does the ECB Rely on a Taylor Rule? - Comparing Ex-post with Real Time Data

Belke, Ansgar; Klose, Jens - 2009

We assess the differences that emerge in Taylor rule estimations for the ECB when using ex-post data instead of real time forecasts and vice versa.We argue that previous comparative studies in this field mixed up two separate effects. First, the differences resulting from the use of ex-post and...

Persistent link: https://www.econbiz.de/10010265809