counterproductive. Foreign acquisition can increase the domestic owner's investment in growth industries by reducing their financial … restrictions. This calls for a "financial" efficiency defense in the merger law. We also show that cross-border M&As are not only … Liberalization ; Mergers & Acquisitions ; Corporate Governance ; Ownership …

-enhancing mergers and by preventing concentration in the industry. By spreading the cost of specializing in restructuring over multiple …

, (ii) cross-border Mergers & Acquisitions dominate as the entry mode of FDI, and (iii) there is often a high market … into account efficiency and market power effects. Our findings suggest that a merger policy, but not a discriminatory …. In this vein, harmonization of the EU takeover regulations may particularly benefit assets owners in countries with many …

interaction model of MNE cross-border acquisition and greenfield entry into an oligopolistic market. We provide an event study … increase when an acquisition is announced if and only if the domestic assets are not too strategically important. If there is … risk associated with cross-border M&As, we show that such risks reduce the likelihood and the acquisition price of cross …