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Foreign Entry into U.S. Manufacturing by Takeovers and the Creation of New Firms
Lipsey, Robert E.; Feliciano, Zadia - 2021
Using U.S. Bureau of Economic Analysis data for individual foreign acquisitions and new establishments in the U.S from 1988 to 1998, and aggregate data for 1980 to 1998, we find that acquisitions and establishments of new firms tend to occur in periods of high U.S. growth and take place mainly...
Persistent link: https://www.econbiz.de/10013224850
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Foreign Ownership and Firm Performance : Emerging-Market Acquisitions in the United States
Chari, Anusha; Chen, Wenjie; Dominguez, Kathryn M.E - 2021
This paper examines the recent upsurge in foreign acquisitions of U.S. firms, specifically focusing on acquisitions made by firms located in emerging markets. Neoclassical theory predicts that, on net, capital should flow from countries that are capital-abundant to countries that are...
Persistent link: https://www.econbiz.de/10013226196
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Environmental determinants of cross-border mergers and acquisitions : evidence from the global agricultural and food sector
Huang, Peng; Lu, Yue; Scrimgeour, Frank G. - In: Applied economics 56 (2024) 8, pp. 956-977
Persistent link: https://www.econbiz.de/10014446255
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Alternative Mechanisms for Corporate Control
Morck, Randall - 2013
change: internally precipitated management turnover, hostile takeover, and friendly takeover. We find that firms experiencing … is also weaker evidence that hostile takeover targets underperform their industry peers. We interpret this evidence as … relative to industry, but that an external challenge in the form of a hostile takeover is often required when the whole …
Persistent link: https://www.econbiz.de/10012754746
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Mergers as Reallocation
Jovanovic, Boyan - 2012
We argue that takeovers have played a major role in speeding up the diffusion of new technology. The role that they play is similar to that of entry and exit of firms. We focus on and compare two periods: 1890-1930 during which electricity and the internal combustion engine spread through the...
Persistent link: https://www.econbiz.de/10012755892
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The Opportunity Cost of Capital of Us Buyouts
Groh, Alexander Peter - 2010
This paper measures the risk-adjusted performance of US buyouts. It draws on a unique and proprietary set of data on 133 US buyouts between 1984 and 2004. For each of them we determine a public market equivalent that matches it with respect to its timing and its systematic risk. After a...
Persistent link: https://www.econbiz.de/10012759102
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Why Do Private Acquirers Pay so Little Compared to Public Acquirers?
Bargeron, Leonce - 2010
We find that the announcement gain to target shareholders from acquisitions is significantly lower if a private firm instead of a public firm makes the acquisition. Non-operating firms like private equity funds make the majority of private bidder acquisitions. On average, target shareholders...
Persistent link: https://www.econbiz.de/10012760110
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Cross-Border Acquisitions and Target Firms' Performance : Evidence from Japanese Firm-Level Data
Fukao, Kyoji - 2010
Using Japanese firm-level data for the period from 1994-2002, this paper examines whether a firm is chosen as an acquisition target based on its productivity level, profitability and other characteristics and whether the performance of Japanese firms that were acquired by foreign firms improves...
Persistent link: https://www.econbiz.de/10012760742
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The Industry Life Cycle and Acquisitions and Investment : Does Firm Organization Matter?
Maksimovic, Vojislav - 2010
We examine the effect of financial dependence on acquisition and investment within existing industries by single-segment and conglomerate firms for industries undergoing different long run changes in industry conditions. Conglomerates and single-segment firms differ more in rates of...
Persistent link: https://www.econbiz.de/10012761342
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Estimation and Identification of Merger Effects : An Application to Hospital Mergers
Dafny, Leemore S. - 2010
Advances in structural demand estimation have substantially improved economists' ability to forecast the impact of mergers. However, these models rely on extensive assumptions about consumer choice and firm objectives, and ultimately observational methods are needed to test their validity....
Persistent link: https://www.econbiz.de/10012762094