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政大典藏 > College of Commerce > Department of Finance > Periodical Articles > Item 140.119/117164

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/117164

Title:	Cross-Border Mergers and Market Concentration in a Vertically Related Industry: Theory and Evidence
Authors:	Chakrabarti, Avik Hsieh, Yi-Ting 張元晨 Chang, Yuanchen
Contributors:	財管系
Keywords:	Market concentration;cross-border merger;vertical integration;oligopoly;panel data
Date:	2017-01
Issue Date:	2018-05-14 17:29:18 (UTC+8)
Abstract:	We present a tractable model of oligopoly to identify the linkages between local competition and cross-border mergers in a vertically related industry. We show that the incentives for cross-border mergers rise with vertical integration in an industry when the premerger concentration in that industry is sufficiently high relative to the concentration in the same industry in a foreign country. We also show that the incentives for a merger between a foreign firm and a vertically integrated home firm will be higher than that for a merger between a foreign firm and a disintegrated home firm, when the premerger concentration at home is low relative to the premerger concentration in the foreign country. We then analyze a firm-level panel of 90,614 M&A observations, between 1990 and 2012, from 86 countries. Logistic regressions confirm that market concentration is an important determinant of cross-border M&A. Our results support the conjectures of our theoretical model and are consistent with recent empirical findings and theoretical predictions.
Relation:	The Journal of International Trade & Economic Development, Vol.26, No.1, pp.111-130
Data Type:	article
DOI link:	https://doi.org/10.1080/09638199.2016.1220971
DOI:	10.1080/09638199.2016.1220971
Appears in Collections:	[Department of Finance] Periodical Articles

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