Raff, Horst (contributor); Ryan, Michael (contributor); … - 2006
owning the most assets) will enter through greenfield investment, less productive ones will choose M&A, and the least … inequality is satisfied depends on firm-specific characteris-
tics (assets of the potential partners, degree of complementarity …
large assets, the sunk cost of investment is low, and the assets of the potential
9
partners are good complements (large γ …