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    题名: Cross-Border Mergers and Market Concentration in a Vertically Related Industry: Theory and Evidence
    作者: 張元晨
    Chakrabarti, Avik;Hsieh, Yi-Ting;Chang, Yuanchen
    贡献者: 財管系
    关键词: Market concentration;cross-border merger;vertical integration;oligopoly;panel data
    日期: 2017
    上传时间: 2017-06-05 14:47:03 (UTC+8)
    摘要: We present a tractable model of oligopoly to identify the linkages between local competition and cross-border mergers in a vertically related industry. We show that the incentives for cross-border mergers rise with vertical integration in an industry when the premerger concentration in that industry is sufficiently high relative to the concentration in the same industry in a foreign country. We also show that the incentives for a merger between a foreign firm and a vertically integrated home firm will be higher than that for a merger between a foreign firm and a disintegrated home firm, when the premerger concentration at home is low relative to the premerger concentration in the foreign country. We then analyze a firm-level panel of 90,614 M&A observations, between 1990 and 2012, from 86 countries. Logistic regressions confirm that market concentration is an important determinant of cross-border M&A. Our results support the conjectures of our theoretical model and are consistent with recent empirical findings and theoretical predictions.
    關聯: The Journal of International Trade & Economic Development, Volume 26, Issue 1 , Pages 111-130
    数据类型: article
    DOI 連結: http://dx.doi.org/10.1080/09638199.2016.1220971
    DOI: 10.1080/09638199.2016.1220971
    显示于类别:[財務管理學系] 期刊論文

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