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 …

This paper studies the interaction between the incentives for predation and mergers. I show that the incentive for … immediate merger for two reasons. First, by predating, firms may share the costs of eliminating a rival and circumvent the free …-riding problem associated with mergers, and second, destructive predation helps firms avoid the bidding competition. It is also shown …