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Journal of Industry, Competition and Trade

Cross–Border Mergers & Acquisitions Policy in Service Markets

Vetenskaplig artikel på engelska
Referens
Norbäck, Pehr-Johan och Lars Persson (2008). ”Cross–Border Mergers & Acquisitions Policy in Service Markets”. Journal of Industry, Competition and Trade 8, 269–293. doi.org/10.1007/s10842-008-0038-x

Författare
Pehr-Johan Norbäck, Lars Persson

We provide facts showing that in service markets: (i) restrictions on foreign direct investment (FDI) are under reform, (ii) cross-border Mergers & Acquisitions dominate as the entry mode of FDI, and (iii) there is often a high market concentration. Based on these facts, we present a model for analyzing cross-border merger and acquisition policy in liberalized service markets taking into account efficiency and market power effects. Our findings suggest that a merger policy, but not a discriminatory policy towards foreigners, seems warranted. Moreover, policies ensuring competition for domestic target firms seem warranted. In this vein, harmonization of the EU takeover regulations may particularly benefit assets owners in countries with many target firms.

Pehr-Johan Norbäck

+46 (0)8 665 4522
+46 (0)73 574 3379
pehr-johan.norback@ifn.se