000			02718cam a22003257 4500
001			w9655
003			NBER
005			20211020113017.0
006			m o d
007			cr cnu||||||||
008			210910s2003 mau fo 000 0 eng d
100	1		_aEvenett, Simon J. _910104
245	1	4	_aThe Cross Border Mergers and Acquisitions Wave of the Late 1990s / _cSimon J. Evenett.
260			_aCambridge, Mass. _bNational Bureau of Economic Research _c2003.
300			_a1 online resource: _billustrations (black and white);
490	1		_aNBER working paper series _vno. w9655
500			_aApril 2003.
520	3		_aTo establish a benchmark, the cross border mergers and acquisitions wave of the late 1990s is compared to its predecessor in the late 1980s. It is found to be at least five times larger (in real terms), to involve firms from more OECD nations, and to include many more service sector transactions. However, in comparison to the size of national stock market capitalizations, foreign mergers with and acquisitions of domestic firms during this latest wave were small, especially in the Group of Seven leading industrial economies. The effect of cross border mergers and acquisitions on performance in one important service sector, banking, is also examined. Specifically, the relative importance of cross border mergers and acquisitions, domestic mergers and acquisitions, domestic entry and exit, and strategic alliances and joint ventures for interest rate spreads was estimated for 13 industrial nations. The principal findings suggest that the effects of these firm-driven changes in banking market structure differ markedly between EU member states and non-EU industrialized economies. This highlights the importance of differentiating between types of cross border inter-firm agreements and the pitfalls of generalising about the effects of the latest wave of cross border mergers and acquisitions as many of the harshest critics of globalization do.
530			_aHardcopy version available to institutional subscribers
538			_aSystem requirements: Adobe [Acrobat] Reader required for PDF files.
538			_aMode of access: World Wide Web.
588	0		_aPrint version record
690		7	_aF2 - International Factor Movements and International Business _2Journal of Economic Literature class.
690		7	_aL4 - Antitrust Issues and Policies _2Journal of Economic Literature class.
710	2		_aNational Bureau of Economic Research.
830		0	_aWorking Paper Series (National Bureau of Economic Research) _vno. w9655.
856	4	0	_uhttps://www.nber.org/papers/w9655
856			_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w9655
942			_2ddc _cW-PAPER
999			_c338520 _d297082