Cross‐border acquisitions and host country competitiveness
研究了跨境收购对东道国竞争力的影响，发现被收购企业竞争力提升，但行业竞争对手长期地位改善的同时增长和市场份额受损，整体上对东道国金融市场发展和创新有促进作用。
Abstract We investigate the competitive effects of cross‐border takeovers and find that following the acquisitions, the competitiveness of cross‐border targets improves. The results for industry rivals, however, are mixed. Rivals of targets of cross‐border acquisitions experience improvements in their competitive position in the long term, while at the same time, their growth and market share suffer. These acquisitions lead to a shifting of market share from rivals to cross‐border targets, which is suggestive of increased industry concentration. Cross‐border acquisitions also enhance the host country's financial market development, and lead to increases in innovation in the host country. Overall, our results cast some doubts on the often pessimistic view of foreign takeovers held by some politicians that these deals are bad for the host country.