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Cross-Border Mergers & Acquisitions Policy in Service Markets

Norbäck, Pehr-Johan; Persson, Lars - 2008

We provide facts showing that in service markets: (i) restrictions on foreign direct investment (FDI) are under reform, (ii) cross-border Mergers & Acquisitions dominate as the entry mode of FDI, and (iii) there is often a high market concentration. Based on these facts, we present a model for...

Persistent link: https://www.econbiz.de/10010320065

Investment Lilberalization - Why a Restrictive Cross-Border Merger Policy can be Counterproductive

Norbäck, Pehr-Johan; Persson, Lars - 2006

Investment liberalizing countries are often concerned that cross-border mergers & acquisitions, in contrast to greenfield investments, might have an adverse effect on domestic firms and consumers. However, given that domestic assets are sufficiently scarce, we identify a preemption effect and an...

Persistent link: https://www.econbiz.de/10010320103

Cross-Border Acquisitions and Corporate Taxes: Efficiency and Tax Revenues

Norbäck, Pehr-Johan; Persson, Lars; Vlachos, Jonas - 2006

We find that reduced foreign corporate taxes may lead to inefficient foreign acquisitions if complementarities between foreign and domestic assets are low, and to efficient foreign acquisitions if such complementarities are high. Moreover, with large complementarities, foreign acquisitions can...

Persistent link: https://www.econbiz.de/10010320166

International Mergers with Financially Constrained Owners

Berg, Aron; Norbäck, Pehr-Johan; Persson, Lars - 2012

This paper proposes a cross-border M&A model with financially constrained owners in which the identity of the buyer and seller can be determined. We show that policies blocking foreign acquisitions to protect the domestic industry can be counterproductive. Foreign acquisition can increase the...

Persistent link: https://www.econbiz.de/10010320217

Creative Destruction and Productive Preemption

Norbäck, Pehr-Johan; Persson, Lars; Svensson, Roger - 2009

We develop a theory of commercialization mode (entry or sale) of entrepreneurial inventions into oligopoly, and show that an invention of higher quality is more likely to be sold (or licensed) to an incumbent due to strategic product market effects on the sales price. Moreover, preemptive...

Persistent link: https://www.econbiz.de/10010320309

Why Entrepreneurs Choose Risky R&D Projects - But Still Not Risky Enough

Färnstrand Damsgaard, Erika; Norbäck, Pehr-Johan; … - 2012

Entrepreneurs face higher commercialization costs than incumbents. We show that this implies that entrepreneurs will choose more risky projects than incumbents, aiming to reduce their high expected marginal commercialization cost. However, entrepreneurs may select too safe projects from a social...

Persistent link: https://www.econbiz.de/10010320328

Getting a Better Price: Strategic Behaviour before Changes in Ownership of Corporate Assets

Friberg, Richard; Norbäck, Pehr-Johan; Persson, Lars - 2008

We propose a model of investments prior to corporate ownership changes. We derive conditions under which the selling of …

Persistent link: https://www.econbiz.de/10010320355

Outsourcing Public Services: Ownership, Competition, Quality and Contracting

Andersson, Fredrik; Jordahl, Henrik - 2011

ownership and competition appear to be about equally important for the consequences of public sector outsourcing. …

Persistent link: https://www.econbiz.de/10010320383

The impact of founders on information asymmetry vis-à-vis outside investors: Evidence from Caribbean offshore tax havens

Hearns, Bruce; Oxelheim, Lars; Randøy, Trond - 2021

Ceding ownership to outside investors provides a control dilemma for founders. In less developed capital markets with … weaker formal institutions, we argue that retained founder director ownership can lower the transaction costs of external … ownership reduces information asymmetry vis-à-vis outside minority investors. The reduced information asymmetry is even stronger …

Persistent link: https://www.econbiz.de/10013329998

Retail Pharmacies and Drug Diversion during the Opioid Epidemic

Janssen, Aljoscha; Zhang, Xuan - 2020

This study investigates the role of retail pharmacy ownership in the opioid epidemic in the United States by comparing …

Persistent link: https://www.econbiz.de/10012615441