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This paper uses a proportional hazard model to study foreign direct investment by Japanese manufacturers in Europe between 1970 and 1994. We divide each firm's investment total into a sequence of individual investment decisions and analyze how firm-specific characteristics affect each decision....
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horizontal, vertical, or conglomerate. Three novel features of CBAs are highlighted. First, horizontal and vertical CBAs are … relatively stable over time. Second, substantial parts of CBAs involve conglomerate acquisitions. Third, the wave-like growth of … CBAs arises primarily from changes in conglomerate activity, which responds to international valuation differences between …
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