研討日期

20120225上午10:20 ~ 13:00

研討地點

台灣大學社會科學院   26教室

討論文獻

題目

作者

文獻出處

Economic integration and the profitability of

cross-border mergers and acquisitions

Kjetil Bjorvatn

 

 

European Economic Review

2004

報告人

王羿傑

參加人員

黃鴻、梁文榮、林燕淑、王光正、蔡明芳、彭正浩、張瑞雲、高國峯、陳金盛、鍾暳陵、林晏如、丁虹仁、王羿傑、徐靖、張志偉、呂得成、吳定軒、施姵全

論文提要

The 1990s was a decade of increased economic integration. The decade also witnessed a sharp increase in cross-border mergers and acquisitions. From a theoretical perspective, the increase in international mergers in more integrated economies is rather puzzling. It is a well-established result that due to the “business stealing effect”, mergers in integrated markets are not likely to be profitable. A reasonable conjecture would therefore be that closer integration of markets would reduce the attractiveness of cross-border mergers and acquisitions. The present paper demonstrates that this is not necessarily the case: Economic integration may trigger cross-border acquisitions by reducing the business stealing effect and by reducing the reservation price of the target firm. The paper thus provides explanations to the observed increase in cross-border mergers in a world of more integrated economies.

 

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