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Foreign Entry into U.S. Manufacturing by Takeovers and the Creation of New Firms

Lipsey, Robert E.; Feliciano, Zadia - 2021

Using U.S. Bureau of Economic Analysis data for individual foreign acquisitions and new establishments in the U.S from 1988 to 1998, and aggregate data for 1980 to 1998, we find that acquisitions and establishments of new firms tend to occur in periods of high U.S. growth and take place mainly...

Persistent link: https://www.econbiz.de/10013224850

Endogenous Market Structure and Foreign Market Entry

Markusen, James R.; Stähler, Frank - 2021

Models dealing with cross-border acquisitions versus greenfield investment usually assume that the entry of a foreign firm into a market has effects on the outputs of all domestic firms in that market, but exit or entry of local firms is not considered. The purpose of this paper is to re-examine...

Persistent link: https://www.econbiz.de/10013224413

Heterogeneity and the FDI Versus Export Decision of Japanese Manufacturers

Head, Keith; Ries, John C. - 2021

We investigate whether productivity differences explain why some manufacturers sell only to the domestic market while others serve foreign markets through exports and/or FDI. When overseas production offers no cost advantages, our model predicts that investors should be more productive than...

Persistent link: https://www.econbiz.de/10013310603

Swedish Firms Acquired by Foreigners : A Comparison of Before and after Takeover

Lipsey, Robert E. - 2004

relatively low in value added per employee at the time of takeover and before, a characteristic we take to indicate relatively …-term recoveries after takeover from the misfortunes of the takeover year and a return to higher growth rates of employment and output … year or two after takeover but seem to have increased their profitability or efficiency relative to their industries. The …

Persistent link: https://www.econbiz.de/10012786214

Cross-Border Acquisitions and Target Firms' Performance : Evidence from Japanese Firm-Level Data

Fukao, Kyoji - 2010

Using Japanese firm-level data for the period from 1994-2002, this paper examines whether a firm is chosen as an acquisition target based on its productivity level, profitability and other characteristics and whether the performance of Japanese firms that were acquired by foreign firms improves...

Persistent link: https://www.econbiz.de/10012760742

Cross-Border Acquisitions and Labor Regulations

Levine, Ross - 2015

Do labor regulations influence the reaction of stock markets and firm profitability to cross-border acquisitions? We discover that acquiring firms enjoy smaller abnormal stock returns and profits when targets are in countries with stronger labor protection regulations, i.e., in countries where...

Persistent link: https://www.econbiz.de/10013021471

An Assignment Theory of Foreign Direct Investment

Nocke, Volker; Yeaple, Stephen R. - 2021

We develop an assignment theory to analyze the volume and composition of foreign direct investment (FDI). Firms conduct FDI by either engaging in greenfield investment or in cross-border acquisitions. Cross-border acquisitions involve firms trading heterogeneous corporate assets to exploit...

Persistent link: https://www.econbiz.de/10013218332

Foreign Ownership and Firm Performance : Emerging-Market Acquisitions in the United States

Chari, Anusha; Chen, Wenjie; Dominguez, Kathryn M.E - 2021

This paper examines the recent upsurge in foreign acquisitions of U.S. firms, specifically focusing on acquisitions made by firms located in emerging markets. Neoclassical theory predicts that, on net, capital should flow from countries that are capital-abundant to countries that are...

Persistent link: https://www.econbiz.de/10013226196

Foreign Ownership and Employment Growth in Indonesian Manufacturing

Lipsey, Robert E. - 2010

. Foreign takeover of a domestically-owned plant, on average, brings a large immediate expansion of employment …

Persistent link: https://www.econbiz.de/10013144499

Export Versus FDI

Helpman, Elhanan; Melitz, Marc J.; Yeaple, Stephen R. - 2021

This paper builds a multi-country, multi-sector general equilibrium model that explains the decision of heterogeneous firms to serve foreign markets either through exports or local subsidiary sales (FDI). These modes of market access involve different relative costs, some of which are sunk while...

Persistent link: https://www.econbiz.de/10013232882

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