Multinationals, technology networks and international takeovers
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- dc.contributor.author Oliva, M. Àngelsca
- dc.contributor.author Rivera-Bátiz, Luisca
- dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
- dc.date.accessioned 2017-07-26T10:50:20Z
- dc.date.available 2017-07-26T10:50:20Z
- dc.date.issued 1997-09-01
- dc.date.modified 2017-07-23T02:03:11Z
- dc.description.abstract We formulate a knowlegde--based model of direct investment through mergers and acquisitions. M&As are realized to create comparative advantages by exploiting international synergies and appropriating local technology spillovers requiring geographical proximity, but can also represent a strategic response to the presence of a multinational rival. The takeover fee paid tends to increase with the strength of local spillovers which can thus work against multinationalization. Seller's bargaining power increases the takeover fee, but does not influence the investment decision. We characterize losers and winners from multinationalization, and show that foreign investment stimulates research but could result in a synergy trap reducing multinationals' profits.
- dc.format.mimetype application/pdfca
- dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=231
- dc.identifier.uri http://hdl.handle.net/10230/1029
- dc.language.iso eng
- dc.relation.ispartofseries Economics and Business Working Papers Series; 231
- dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
- dc.rights.accessRights info:eu-repo/semantics/openAccess
- dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
- dc.subject.keyword multinationals
- dc.subject.keyword spillovers
- dc.subject.keyword networks
- dc.subject.keyword mergers and acquisitions
- dc.subject.keyword Finance and Accounting
- dc.title Multinationals, technology networks and international takeoversca
- dc.type info:eu-repo/semantics/workingPaper