المستودع الأكاديمي جامعة المدينة

The role of technology in M&As: a firm-level comparison of cross-border and domestic deals

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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


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