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1、ARTICLEINPRESSEuropeanEconomicReview52(2008)849–866www.elsevier.com/locate/eerCross-bordermergersandacquisitionsandtheroleoftradecostsa,b,b,cd,eAlexanderHijzen,HolgerGo¨rg,MiriamManchinaOECD,2rueAndre´-Pascal,75775ParisCedex16,FrancebGEP,SchoolofEconomic
2、s,UniversityofNottingham,UniversityPark,NottinghamNG72RD,UKcCEPR,53-56GreatSuttonStreet,LondonEC1V0DG,UKdSSEES,UniversityCollegeLondon,16TavitonStreet,LondonWC1H0BW,UKeKielInstituteofWorldEconomics,Du¨sternbrookerWeg120,24105Kiel,GermanyReceived7March2006
3、;accepted11July2007Availableonline26July2007AbstractCross-bordermergersandacquisitions(M&As)haveincreaseddramaticallyoverthelasttwodecades.Thispaperanalysestheroleoftradecostsinexplainingtheincreaseinthenumberofcross-borderM&As.Inparticular,wedistinguishh
4、orizontalandnon-horizontalM&Asandinvestigatewhethertradecostsaffectthesetwotypesofmergersdifferently.Weanalysethisquestionusingindustrydatafor23OECDcountriesfortheperiod1990–2001.Ourfindingssuggestthatwhileintheaggregatetradecostsaffectcross-bordermergerac
5、tivitynegativelyitsimpactdiffersimportantlyacrosshorizontalandnon-horizontalmergers.Theimpactoftradecostsislessnegativeforhorizontalmergers,whichisconsistentwiththetariff-jumpingargument.r2007ElsevierB.V.Allrightsreserved.JELclassification:F02;F15;F21;F23K
6、eywords:Mergersandacquisitions;Internationaltrade;Tradecosts;Gravity;FDI1.IntroductionCross-bordermergersandacquisitions(M&As)haveincreaseddramaticallyoverthelasttwodecades.In1999,thevalueofcompletedcross-borderM&Asworld-widewasCorrespondingauthor.OECD,2
7、rueAndre´-Pascal,75775ParisCedex16,France.Tel.:+33632684853.E-mailaddress:alexander.hijzen@oecd.org(A.Hijzen).0014-2921/$-seefrontmatterr2007ElsevierB.V.Allrightsreserved.doi:10.1016/j.euroecorev.2007.07.002ARTICLEINPRESS850A.Hijzenetal./EuropeanEconomicR
8、eview52(2008)849866around$720billion.ThevalueofallM&As,bothcross-borderanddomestic,amountedtoanequivalentof8percentofworldGDPinthesameyear,comparedto0.3percentin1980(UN,2001).Also,overthatperiod,mostofthegrowthinfor
