| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22848 |
| 来源ID | Working Paper 22848 |
| Extending Industry Specialization through Cross-Border Acquisitions | |
| Laurent Frésard; Ulrich Hege; Gordon Phillips | |
| 发表日期 | 2016-11-21 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | We investigate the role of industry specialization in horizontal cross-border mergers and acquisitions. We find that acquirers from more specialized industries in a country are more likely to buy foreign targets in countries that are less specialized in these same industries. The role of industry specialization in foreign acquisitions is more prevalent when contracting inefficiencies and exporting costs limit arms' length relationships. The economic gains in cross-border deals are larger when specialized acquirers purchase assets in less specialized industries. These results are consistent with an internalization motive for foreign acquisitions, through which acquirers can apply localized intangibles on foreign assets. |
| 主题 | Microeconomics ; Households and Firms ; Market Structure and Distribution ; General Equilibrium ; Financial Economics ; Corporate Finance ; Industrial Organization ; Market Structure and Firm Performance |
| URL | https://www.nber.org/papers/w22848 |
| 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/580522 |
| 推荐引用方式 GB/T 7714 | Laurent Frésard,Ulrich Hege,Gordon Phillips. Extending Industry Specialization through Cross-Border 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 | ||
| w22848.pdf（517KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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