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Cross-border mergers and acquisitions and the role of trade costs |
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| Authors: | Alexander Hijzen Holger Görg Miriam Manchin |
| Institution: | a OECD, 2 rue André-Pascal, 75775 Paris Cedex 16, France b GEP, School of Economics, University of Nottingham, University Park, Nottingham NG7 2RD, UK c CEPR, 53-56 Great Sutton Street, London EC1V 0DG, UK d SSEES, University College London, 16 Taviton Street, London WC1H 0BW, UK e Kiel Institute of World Economics, Düsternbrooker Weg 120, 24105 Kiel, Germany |
| Abstract: | Cross-border mergers and acquisitions (M&As) have increased dramatically over the last two decades. This paper analyses the role of trade costs in explaining the increase in the number of cross-border M&As. In particular, we distinguish horizontal and non-horizontal M&As and investigate whether trade costs affect these two types of mergers differently. We analyse this question using industry data for 23 OECD countries for the period 1990-2001. Our findings suggest that while in the aggregate trade costs affect cross-border merger activity negatively its impact differs importantly across horizontal and non-horizontal mergers. The impact of trade costs is less negative for horizontal mergers, which is consistent with the tariff-jumping argument. |
| Keywords: | F02 F15 F21 F23 |
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