Trade Liberalization And Industrial Restructuring Through Mergers And Acquisitions

Topics:
Organization
Tags:
Finance,
Free Trade,
Investment,
Liberalization,
M&A,
Mergers & Acquisitions
Source:
London School of Economics and Political Science

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Overview: This paper analyzes Mergers and Acquisitions (M&A) as a previously neglected channel of industrial restructuring in the face of trade liberalization. Using the Canada-United States Free Trade Agreement of 1989 as a natural experiment, the author shows that trade liberalization leads to a significant increase in M&A activity. He also provides evidence that resources are transferred from less to more productive firms in the process and that the magnitude of the overall transfer is quantitatively important. Taken together, these results suggest that M&A is an important alternative to the previously studied adjustment channels of firm and establishment closure and contraction.

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Format: PDF | Size: 578KB | Date: Mar 2006 | Pages: 46

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