| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22546 |
| 来源ID | Working Paper 22546 |
| Heterogeneous Frictional Costs Across Industries in Cross-border Mergers and Acquisitions | |
| Bruce A. Blonigen; Donghyun Lee | |
| 发表日期 | 2016-08-22 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | While there has been significant research to explore the determinants (and frictions) of foreign direct investment (FDI), past literature primarily focuses on country-wide FDI patterns with little examination of sectoral heterogeneity in FDI. Anecdotally, there is substantial sectoral heterogeneity in FDI patterns. For example, a substantial share of FDI (around 40-50%) is in the manufacturing sector, yet manufacturing accounts for a relatively small share of production activity in the developed economies responsible for most cross-border M&A. In this paper, we extend the Head and Ries (2008) model of cross-border M&A to account for sectoral heterogeneity and estimate the varying effects of FDI frictions across sectors using cross-border M&A data spanning 1985 through 2013. We find that non-manufacturing sectors generally have greater sensitivity to cross-border M&A frictions than is true for manufacturing, including such frictions as physical distance, cultural distance, and common language. Tradeability is positively associated with greater cross-border M&A, and is an additional friction for the many non-manufacturing sectors because they consist of mainly non-tradeable goods. |
| 主题 | Microeconomics ; Households and Firms ; International Economics ; International Factor Mobility ; Financial Economics ; Corporate Finance ; Industrial Organization ; Firm Behavior |
| URL | https://www.nber.org/papers/w22546 |
| 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/580220 |
| 推荐引用方式 GB/T 7714 | Bruce A. Blonigen,Donghyun Lee. Heterogeneous Frictional Costs Across Industries in Cross-border Mergers and Acquisitions. 2016. |
| 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 | ||
| w22546.pdf（195KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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