Please use this identifier to cite or link to this item:
https://hdl.handle.net/2440/108974
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Type: | Journal article |
Title: | Partial ownership and cross-border mergers |
Author: | Stähler, F. |
Citation: | Journal of Economics, 2014; 111(3):209-237 |
Publisher: | Springer |
Issue Date: | 2014 |
ISSN: | 0931-8658 1617-7134 |
Statement of Responsibility: | Frank Stähler |
Abstract: | Partial ownership can be used as a screening device by a foreign firm which wants to merge with a local firm whose productivity is private information. As partial ownership is confined to sharing future merger profits, it cannot achieve complete separation in all cases but improves expected merger gains also in an equilibrium which is not fully separating. Without partial ownership, the foreign firm potentially discriminates against high productivities. In a pooling equilibrium with partial ownership, however, it will potentially discriminate against intermediate productivities. |
Keywords: | Partial ownership; merger; multinational firms; foreign direct investment; asymmetric information |
Rights: | © Springer-Verlag Wien 2012 |
DOI: | 10.1007/s00712-012-0327-z |
Published version: | http://dx.doi.org/10.1007/s00712-012-0327-z |
Appears in Collections: | Aurora harvest 8 Economics publications |
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RA_hdl_108974.pdf Restricted Access | Restricted Access | 345.93 kB | Adobe PDF | View/Open |
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