文章基本信息

标题：On the profitability of cross-border mergers
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作者：Kjetil Bjorvatn
期刊名称：Discussion Papers / Norwegian School of Economics and Business Administration
印刷版ISSN：0804-6824
出版年度：2001
卷号：2001
出版社：Bergen
摘要：A horizontal merger is unlikely to be proﬁtable unless it involves the large majority of ﬁrms in an industry. This well established result was developed by Salant et al (1983) in a closed economy setting. The present paper studies the proﬁtabilityofmergersinanopeneconomy. A cross-border merger provides the acquiring ﬁrm with market access. If alternative modes of market entry are suﬃciently costly, a merger may indeed be proﬁtable. The relationship between entry costs and the proﬁtability of merger is, however, not a monotonic one. An in- crease in entry costs may cause a change in the optimal entry mode of rival ﬁrms such that a merger may be unproﬁtable even for higher entry costs. The paper also derives results regarding the nationality of the acquiring ﬁrm.
关键词：Trade; Foreign direct investment; Mergers and acquisi- tions