| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w9655
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| 来源ID | Working Paper 9655
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| The Cross Border Mergers and Acquisitions Wave of the Late 1990s |
| Simon J. Evenett
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| 发表日期 | 2003-04-28
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| 出版年 | 2003
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| 语种 | 英语
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| 摘要 | To establish a benchmark, the cross border mergers and acquisitions wave of the late 1990s is compared to its predecessor in the late 1980s. It is found to be at least five times larger (in real terms), to involve firms from more OECD nations, and to include many more service sector transactions. However, in comparison to the size of national stock market capitalizations, foreign mergers with and acquisitions of domestic firms during this latest wave were small, especially in the Group of Seven leading industrial economies. The effect of cross border mergers and acquisitions on performance in one important service sector, banking, is also examined. Specifically, the relative importance of cross border mergers and acquisitions, domestic mergers and acquisitions, domestic entry and exit, and strategic alliances and joint ventures for interest rate spreads was estimated for 13 industrial nations. The principal findings suggest that the effects of these firm-driven changes in banking market structure differ markedly between EU member states and non-EU industrialized economies. This highlights the importance of differentiating between types of cross border inter-firm agreements and the pitfalls of generalising about the effects of the latest wave of cross border mergers and acquisitions as many of the harshest critics of globalization do. |
| 主题 | International Economics
; International Factor Mobility
; Industrial Organization
; Antitrust
|
| URL | https://www.nber.org/papers/w9655
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/567279
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推荐引用方式
GB/T 7714 |
Simon J. Evenett. The Cross Border Mergers and Acquisitions Wave of the Late 1990s. 2003.
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文件名：
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w9655.pdf
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格式：
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Adobe PDF
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