2006–2010

Globalization and Profitability of Cross-border Mergers & Acquisitions

Reprint No. 2008:10

Author(s): Pehr-Johan Norbäck and Lars PerssonYear: 2008 Title: Economic Theory Volume (No.): 35 (2) Pages: 241–266


This paper studies how the surplus generated by the globalization process is divided between MNEs and owners of domestic assets.We construct an oligopoly model where the equilibrium acquisition pattern, the acquisition price and firms’ greenfield investments are endogenously determined. Acquisition entry is shown to bemore likelywhen the complementarity between domestic and foreign assets is high. However, we show that such acquisitions might have a low profitability, since the bidding competition over the domestic assets is then so fierce that the firms involved would be better off not starting a bidding war. Risks associated with different entry modes are also examined.


Reference:
Norbäck, Pehr-Johan and Lars Persson (2008), "Globalization and Profitability of Cross-border Mergers & Acquisitions". Economic Theory 35(2), 241–266.

Pehr-Johan Norbäck

Contact

Ph: +46 8 665 4522
Mob: +46 73 574 3379
pehr-johan.norback@if...

Lars Persson

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Ph: +46 8 665 4504
lars.persson@ifn.se

Integrating Immigrants into the Nordic Labour Markets

An Overall Perspective

Pages-from-2019-Calmfors-Gassen---Integrating-Immigrants-into-the-Nordic-Labour-Markets.gif

Denmark, Finland, Norway and Sweden face similar problems of integrating large groups of immigrants, especially low-educated ones from outside the EU, into their labour markets. In this volume, edited by Lars Calmfors, IFN, and Nora Sánchez Gassen in cooperation with researchers from across the Nordic Region analyse how labour market integration of immigrants can be promoted. 

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