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題名 Cross-Border Mergers and Market Concentration in a Vertically Related Industry: Theory and Evidence
作者 Chakrabarti, Avik
Hsieh, Yi-Ting
張元晨
Chang, Yuanchen
貢獻者 財管系
關鍵詞 Market concentration; cross-border merger; vertical integration; oligopoly; panel data
日期 2017-01
上傳時間 14-May-2018 17:29:18 (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, Vol.26, No.1, pp.111-130
資料類型 article
DOI https://doi.org/10.1080/09638199.2016.1220971
dc.contributor 財管系zh_TW
dc.creator (作者) Chakrabarti, Aviken_US
dc.creator (作者) Hsieh, Yi-Tingen_US
dc.creator (作者) 張元晨zh_TW
dc.creator (作者) Chang, Yuanchenen_US
dc.date (日期) 2017-01-
dc.date.accessioned 14-May-2018 17:29:18 (UTC+8)-
dc.date.available 14-May-2018 17:29:18 (UTC+8)-
dc.date.issued (上傳時間) 14-May-2018 17:29:18 (UTC+8)-
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/117164-
dc.description.abstract (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.en_US
dc.format.extent 863597 bytes-
dc.format.mimetype application/pdf-
dc.relation (關聯) The Journal of International Trade & Economic Development, Vol.26, No.1, pp.111-130zh_TW
dc.subject (關鍵詞) Market concentration; cross-border merger; vertical integration; oligopoly; panel dataen_US
dc.title (題名) Cross-Border Mergers and Market Concentration in a Vertically Related Industry: Theory and Evidencezh_TW
dc.type (資料類型) article-
dc.identifier.doi (DOI) 10.1080/09638199.2016.1220971-
dc.doi.uri (DOI) https://doi.org/10.1080/09638199.2016.1220971-