Download or read book Merger Policies and Trade Liberalization written by Henrik Horn and published by . This book was released on 2000 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Trade Liberalization written by Lars Sorgard and published by . This book was released on 1999 with total page 9 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Trade Liberalization written by Lars Sørgard and published by . This book was released on 1999 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Merger Policies and Trade Liberalisation written by Henrik Horn and published by . This book was released on 1997 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Merger Control Under Trade Liberalization written by Nicolas Dimic and published by . This book was released on 1993 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Trade Liberalization and Industrial Restructuring Through Mergers and Acquisitions written by and published by . This book was released on 2006 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes mergers and acquisitions (M & A) as a previously neglected channel of industrial restructuring in the face of trade liberalization. Using the Canada-United States Free Trade Agreement of 1989 as a natural experiment, I show that trade liberalization leads to a significant increase in M & A activity. I also provide evidence that resources are transferred from less to more productive firms in the process and that the magnitude of the overall transfer is quantitatively important. Taken together, these results suggest that M & A is an important alternative to the previously studied adjustment channels of firm and establishment closure and contraction. This has strong implications for the design of competition policy in the wake of trade liberalizations since M & A may offer a more efficient way of transferring resources than contraction and closure of low productivity firms combined with internal growth of more efficient firms.

Download or read book Trade Liberalization and the Profitability of Domestic Mergers written by Gérard Gaudet and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is often thought that a tariff reduction, by opening-up the domestic market to foreign firms, should lessen the need for a policy aimed at discouraging domestic mergers. This implicitly assumes that the tariff in question is sufficiently high to prevent foreign firms from selling in the domestic market. However, not all tariffs are prohibitive, so that foreign firms may be present in the domestic market before it is abolished. Furthermore, even if the tariff is prohibitive, a merger of domestic firms may render it nonprohibitive, thus inviting foreign firms to penetrate the domestic market. Using a simple example, the authors show that, in the latter two cases, abolishing the tariff may in fact make the domestic merger more profitable. Hence trade liberalization will not necessarily reduce the profitability of domestic mergers.

Download or read book A Dynamic Model of Endogenous Mergers and Trade Liberalization written by Amrita Ray Chaudhuri and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Effects of Trade Liberalization Between Heterogeneous Countries on Endogenous Mergers written by Marie-Françoise Calmette and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the effects of trade liberalization on merger behavior. We endogenize merger choice among owners in an oligopolistic industry in asymmetric countries to analyze the consequences of trade cost reductions on competitiveness and welfare. In this context, the non-cooperative game supports asymmetric market structures. We also find that trade liberalization is not necessarily pro-competitive in countries with the competitive advantage, even if trade costs are completely abolished. Moreover, the tariff-jumping explanation of international mergers does not necessarily apply. The welfare analysis shows that merger behavior can significantly alter any gains from liberalization. Countries should consider enforcing competition in regional agreements. Specifically, to avoid a reduction in domestic welfare following trade-liberalizing reductions in trade costs, a high-cost country's optimal policy may be to ban international mergers.

Download or read book Heterogeneous Firms International Trade and Merger and Acquisition Incentives written by Hernando Enrique Daniel Gomez Gaviria and published by . This book was released on 2012 with total page 189 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, I study Merger and Acquisition (M&A) incentives in an international environment. I explore two classes of models to find mechanisms linking trade policy and M&A activity: oligopoly models with countable and few firms making Cournot conjectures about their competitors, and monopolistically competitive models with a continuum of firms and a Q-theory of mergers as reallocation. A basic Cournot model predicts a fall in M&A activity with trade liberalization. In oligopoly models with firm heterogeneity, either between domestic firms or between domestic and foreign firms, tariffs shift the reaction functions of firms, changing the profitability and incentives to merge. I study how changes in tariffs affect three merger motives in this context: market power, cost-reductions, and entry deterrence in the presence of synergies and foreign cost advantages. The monopolistically competitive models focus on the effect of changes in tariffs on the allocation of a fixed factor of production between heterogeneous firms. By increasing import competition and expanding the potential market of exporting firms, bilateral trade liberalization drives the least efficient firms out of the market and induces the most efficient firms to expand. M&A is one mode of expansion for acquiring firms and a way for target firms reallocating installed capacity in the process to exit. The reallocation motive for mergers is consistent with the Q-theory of mergers. I test some of the implications of these two classes of models using a new data set of global M&A, tariffs, and free trade agreements between 1965 and 2009 finding a statistically and economically significant increase in M&A activity caused by trade liberalization. Each percentage point fall in tariffs results in an average increase of 1 M&A per year. My identification strategy relies on exogenous changes in tariffs and I find significant effects with M&A increasing as tariffs fall, but only temporarily consistent with a story of M&A as reallocation.

Download or read book Mergers under trade liberalization written by Amrita Ray Chaudhuri and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Acquisitions by Multinationals and Trade Liberalization written by Amrita Ray Chaudhuri and published by . This book was released on 2014 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Concentration of Market Power Through Mergers Take overs Joint Ventures and Other Acquisitions of Control and Its Effects on International Markets in Particular the Markets of Developing Countries written by United Nations Conference on Trade and Development. Secretariat and published by New York : UNCTAD. This book was released on 1993 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Trade Liberalization Mergers and Acquisitions and Intra industry Reallocations written by Peter Arendorf Bache and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Trade Liberalization written by Romain Wacziarg and published by Edward Elgar Publishing. This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This compelling two-volume collection presents the major literary contributions to the economic analysis of the consequences of trade liberalization on growth, productivity, labor market outcomes and economic inequality. Examining the classical theories that stress gains from trade stemming from comparative advantage, the selection also comprises more recent theories of imperfect competition, where any potential gains from trade can stem from competitive effects or the international transmission of knowledge. Empirical contributions provide evidence regarding the explanatory power of these various theories, including work on the effects of trade openness on economic growth, wages, and income inequality, as well as evidence on the effects of trade on firm productivity, entry and exit. Prefaced by an original introduction from the editor, the collection will to be an invaluable research resource for academics, practitioners and those drawn to this fascinating topic.

Download or read book National versus international mergers and trade liberalization written by Halis Murat Yildiz and published by . This book was released on 2003 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book A Review of the Economic Council s Interim Report on Competition Policy written by James M. Gillies and published by . This book was released on 1969 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: