| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w18414 |
| 来源ID | Working Paper 18414 |
| Cherries for Sale: Export Networks and the Incidence of Cross-Border M&A | |
| Bruce A. Blonigen; Lionel Fontagné; Nicholas Sly; Farid Toubal | |
| 发表日期 | 2012-09-21 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | This paper develops a dynamic model of cross-border M&A activity. We show that foreign firms will be relatively more attracted to targets in the domestic country that had high productivity levels several years prior to acquisition, but then suffered a negative productivity shock (i.e., cherries for sale). With high ex ante productivity levels, target firms are able to invest in large export networks that are valuable to foreign multinationals because of locational differences and trade costs. Subsequently, domestic firms that experience reductions in productivity no longer find their established network as valuable to serve independently, increasing the surplus generated by a foreign acquisition. From the theory we derive a dynamic panel binary choice empirical model that uses predetermined export activity and the evolution of target firm productivity over time to predict cross-border M&A activity. Administrative data from French firms across 1999-2006 provide strong evidence that both the established export networks and productivity losses among target firms promote takeover by foreign multinationals. |
| 主题 | International Economics ; Trade ; International Factor Mobility ; Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w18414 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/576090 |
| 推荐引用方式 GB/T 7714 | Bruce A. Blonigen,Lionel Fontagné,Nicholas Sly,et al. Cherries for Sale: Export Networks and the Incidence of Cross-Border M&A. 2012. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w18414.pdf（562KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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