Scandinavian Working Papers in Economics
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Research Institute of Industrial Economics (IFN) Working Paper Series

No 515:
The Equilibrium Ownership of an International Oligopoly

Henrik Horn and Lars Persson ()

Abstract: Mergers and acquisitions (M&A) is the dominant form of Foreign Direct Investment (FDI), but has received but scarce attention in the theory literature on trade and investment. This paper highlights how the international pattern of ownership of productive assets may depend on features of trade and production costs. It suggests how high trade costs may be conductive to national ownership of assets, while international firms may arise at lower trade costs, contrary to what the "tariff jumping" argument would suggest. It also shows how private and social incentives for M&A may differ for weak merger synergies, but converge when synergies are stronger.

Keywords: International mergers; Endogenius market structure; Tariff jumping FDI; (follow links to similar papers)

JEL-Codes: F23; L13; (follow links to similar papers)

35 pages, June 10, 1999

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This paper is published as:
Horn, Henrik and Lars Persson, (2001), 'The Equilibrium Ownership of an International Oligopoly', Journal of International Economics, Vol. 53, April, No. 2, pages 307-333

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