Cross-Border Mergers as Instruments of Comparative Advantage
用一个两国寡头垄断一般均衡模型，说明贸易和资本市场自由化如何改变市场结构，并预测低成本企业收购高成本外国对手的跨国并购有利可图，从而引发并购潮并促进按比较优势的专业化与贸易。
A two-country model of oligopoly in general equilibrium is used to show how changes in market structure accompany the process of trade and capital-market liberalization. The model predicts that bilateral mergers in which low-cost firms buy out higher-cost foreign rivals are profitable under Cournot competition. As a result, trade liberalization can trigger international merger waves, in the process encouraging countries to specialize and trade more in accordance with comparative advantage. With symmetric countries, welfare is likely to rise, though the distribution of income always shifts towards profits.