| dc.creator |
Frey, Rainer |
|
| dc.creator |
Hussinger, Katrin |
|
| dc.date |
2006 |
|
| dc.date.accessioned |
2013-10-16T07:06:14Z |
|
| dc.date.available |
2013-10-16T07:06:14Z |
|
| dc.date.issued |
2013-10-16 |
|
| dc.identifier |
http://hdl.handle.net/10419/19674 |
|
| dc.identifier |
ppn:523082851 |
|
| dc.identifier |
RePEc:zbw:bubdp1:5194 |
|
| dc.identifier.uri |
http://koha.mediu.edu.my:8181/xmlui/handle/10419/19674 |
|
| dc.description |
Technological change is often hypothesized as one of the main drivers of merger activities. This paper analyzes the role of technology in mergers and acquisitions (M&As) at the firm level. Based on a newly created data set that combines financial information and patent data for public limited companies in Europe as well as country level variables, we apply a structural model to investigate technology-related motivations behind merger formation. Distinguishing between cross-border and domestic M&As, we find that technological relatedness of the M&A partners reduces uncertainty and the expected risk of failure associated with cross-border acquisitions significantly, whereas there is no evidence for technological complementarities driving domestic M&As. The relevance of technology for crossborder M&As further illustrates the international character of technology markets. |
|
| dc.language |
eng |
|
| dc.relation |
Discussion paper Series 1 / Volkswirtschaftliches Forschungszentrum der Deutschen Bundesbank 2006,45 |
|
| dc.rights |
http://www.econstor.eu/dspace/Nutzungsbedingungen |
|
| dc.subject |
O32 |
|
| dc.subject |
O34 |
|
| dc.subject |
G34 |
|
| dc.subject |
C25 |
|
| dc.subject |
ddc:330 |
|
| dc.subject |
domestic versus cross-border M&As |
|
| dc.subject |
technological relatedness |
|
| dc.subject |
market relatedness |
|
| dc.subject |
Übernahme |
|
| dc.subject |
Fusion |
|
| dc.subject |
Multinationales Unternehmen |
|
| dc.subject |
Technologie |
|
| dc.subject |
Patent |
|
| dc.subject |
Schätzung |
|
| dc.subject |
Welt |
|
| dc.title |
The role of technology in M&As: a firm-level comparison of cross-border and domestic deals |
|
| dc.type |
doc-type:workingPaper |
|