Cherries for sale: The incidence and timing of cross-border M&A

• 成果类型: Article
• 署名作者: Blonigen, Bruce A.; Fontagne, Lionel; Sly, Nicholas; Toubal, Farid
• 署名单位: University of Oregon; National Bureau of Economic Research; Leibniz Association; Ifo Institut; Universite Paris Saclay
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/j.jinteco.2014.08.005
• 发表日期: 2014
• 页码: 341-357
• 关键词: foreign direct investment; PRODUCTIVITY; Export networks

摘要

This paper develops a model of cross-border M&A activity that features firm-level productivity shocks and endogenous export activity. We show that foreign firms will be relatively more attracted to targets in the domestic country that had high productivity levels that induced them to invest in large export networks several years prior to acquisition, but subsequently experienced a negative productivity shock (i.e., cherries for sale). From the theory we derive a dynamic panel binary choice empirical model to predict cross-border M&A activity, and find strong evidence for our hypotheses connecting the evolution of firm-level productivity to the ultimate targets of cross-border acquisitions using French firm-level data. (C) 2014 Elsevier B.V. All rights reserved.