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This paper provides new empirical evidence on the effects of mergers and acquisitions (M&As) on the shape of the firm size
distribution, by using data of the population of manufacturing firms in the Netherlands. Our analysis shows that M&As do not
affect the size distribution when we consider the entire population of firms. When we focus on the firms involved in an M&A
event, we observe a shift of the firm size distribution towards larger sizes. Firm size distribution becomes more concentrated
around the mean, less skewed to the right hand side, and thinner at the tails as a whole. The shift toward higher sizes due
to M&A is not uniform but affects firms of different sizes in different ways. While the number of firms in the lower tail
decreased, the number of firms in the central size classes increased substantially and outweighed the increase in the number
(and mean size) of firms in the upper tail of the distribution (consequently the overall market concentration measured by
the Herfindahl index declines). M&As lead to a departure from log-normality of the firm size distribution, suggesting that
external growth does not follow Gibrat’s law. Our counterfactual analysis highlights that only internal growth does not affect
the shape of the size distribution of firms. On the contrary, it suggests that the change in the size distribution is almost
entirely due to the external growth of the firms.
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Hans SchenkEmail: |
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Hans Schenk 《Empirica》1996,23(3):255-278
This paper suggests that while the static welfare losses of merger predilections among Western firms may not be dramatic, they may lead to substantial dynamic losses when merger-prone firms need to compete with firms which instead focus on equipment investment and investments in R&D. It is suggested that such diverging investment priorities have been the real cause of the deteriorating competitiveness of many of the largest Western enterprises vis-à-vis their Japanese rivals. While mergers are generally taken to be determined by either efficiency or monopoly considerations, this paper argues that Western merger predilections are likely to be generated by a combination of imitative and defensive routines as well. That would make it difficult for firms to unilaterally break away from these competitiveness-threatening investments. If correct, this would imply that competition policies would need to be refocused. However, it is also suggested that the implications for international competitiveness should make merger questions a subject of industrial policies too. In that respect, the paper suggests some basic attitudinal changes.Earlier versions of this paper were presented at a Global Forum for Competition and Trade Policy conference in Vienna and at a EUNIP workshop at Åbo Akademi University, Finland. Financial support from the Dutch Ministry of Economic Affairs (contract nos. 54473 and 57305) and the European Commission (contract no. ERB CHRX CT94-0454), research assistance from Michel Renirie and Chee-Wai Chan, and helpful comments from the conference and workshop participants, especially Kurt Bayer and Keith Cowling, are gratefully acknowledged. Only the author is responsible for the contents of, and any flaws in the paper. 相似文献
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Hong Kong is generally recognized as one of the premier international financial centers (IFCs) in the world. Its position has owed much to the opening of opportunity in the People's Republic of China since 1978, as well as the territory's long-standing reputation for transparency and efficiency in the provision of financial services. Less commonly recognized are the origins of Hong Kong's expertise in international banking and the prominent position that it commanded in the first few decades after the Second World War. This article seeks to clarify the development of Hong Kong as an international banking center in the first years after the War. The unique combination of laissez-faire government policy and a vibrant traditional local banking system catapulted Hong Kong to regional and global importance in the 1950s and 1960s and formed the basis for its later prominence as an IFC. 相似文献
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