Do Merger Laws Deter Cross‐Border Mergers and Acquisitions?

Cross‐border merger and acquisition (M&A) flows have surged since the early 1990s. In the meanwhile, more and more countries have passed merger laws that regulate M&A. We propose a gravity model to examine the influence of merger law on cross‐border M&As. Based on a data set on cross‐border deals from 1985 to 2015, we find that merger regulation has a deterrence effect on cross‐border M&As. We show the robustness of our results in a number of tests, including using different measurements of cross‐border M&A activity and merger law. We also document a heterogeneous effect on member countries of the Organization for Economic Co‐operation and Development.     

How Horizontal Mergers Improve Industrial Structure？

By reviewing the research on the effect of corporate merger, we find that knowledge is still limited to the effect of corporate merger on industrial structure. In this article, firstly we study the effect of horizontal merger on market structure, then explore the effect of market performance on industrial structure. Finally we present a new model that can explain how horizontal merger improves the adjustment of industrial structure.     

Mergers and capital flight in unionised oligopolies: Is there scope for a “national champion” policy?

Many policy makers seem to prefer domestic alternatives to cross-border mergers. We construct a model where cross-border mergers drive down union-set wages, domestic mergers have non-labour cost synergies and policy evaluators care more about workers than capital owners. Apparently, the stage is set for “national champion” policies to be sensible. However, we also introduce the possibility of capital flight by allowing a domestic firm to move production abroad. Restrictive cross-border merger policies can then seriously backfire, since they do not necessarily bring about a domestic merger — but capital flight instead.     

新闻与石印:<<点石斋画报>>之成立

《点石斋画报》作为晚清文化界的一个标志性事件,开启了中国近代雅谷共赏的“画报”体式。它兼及“新闻”与“美术”,不仅为我们保留了晚清社会的诸面相,还让我们体会到中国美术的嬗变。     

读·者·来·信

人民币升值凸显政府智慧；股权分置改革：“情侣博弈”；《顾雏军之后谁狂欢》见解深刻，引人深思；宏观调控取向：结构与总量之辨；英文索引能否提前；民营石油崛起尚需时日；资本市场应当放眼全球；     

;apply example ; effect appraisement; innov

学报Journal of Beijing Union University84-88G434H127;35;H;CH127_35;窦晓霞00030001000784-88国内外高校特殊教育专业课程设置的比较研究曲学利,王文艳,许华红北京联合大学特殊教育学院,北京联合大学特殊教育学院,北京联合大学特殊教育学院 北京　100075 ,北京　10     

桐乡"双手"推"双百"

桐乡市工业经济"双百工程"具体又分为"百企千亿工程"和"百家成长工程".     

"三法"破中小企业"三难"

今年是"十二五"规划的开局之年,我省中小企业在国家宏观调控趋紧的大背景下,遇到的困难比过去的两年都更为严重.其中突出的是"融资难"、"创业创新难"和"用地难"等"三难",化解"三难"需要推出三大强力举措.     

先进性·实践·主体性

全党开展的保持共产党员先进性教育活动即将胜利结束。从哲学的层面上思考这次教育活动取得的成功经验，使其升华为具有普遍意义的理论成果，有助于发现先进性教育活动中内在的具有本质性、必然性的联系，从而为建立保持共产党员先进性的长效机制，提供科学的理论依据。     

057;5;EE057_5;李玉琪00090003000200210005;000900030

0009;000900030006211-213HPLC法测定丁香油-β-环糊精中丁香酚的含量赵阳,张纯,郭澄,邵元福中国人民解放军第二军医大学长征医院药材科!上海200003,中国人民解放军第二