FDI as an outcome of the market for corporate control: Theory and evidence

被引：210

作者：

Head, Keith ^{[1
]}

Ries, John ^{[1
]}

机构：

[1] Univ British Columbia, Sauder Sch Business, Vancouver, BC V6T 1Z2, Canada

来源：

JOURNAL OF INTERNATIONAL ECONOMICS | 2008年 / 74卷 / 01期

关键词：

foreign direct investment; mergers and acquisitions; gravity; benchmark;

D O I：

10.1016/j.jinteco.2007.04.004

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Much foreign direct investment (FDI) takes the form of mergers and acquisitions (M&A). It is commonplace in finance to view acquisitions as manifestations of the market for corporate control. Following on that insight we propose a model of FDI in which headquarters bid to control overseas assets. We derive an equation for bilateral FDI stocks that resembles the recently developed fixed effects approach to modelling bilateral trade flows. We estimate the model and use its parameters to construct benchmarks for evaluating multilateral inward and outward FDI. (C) 2007 Elsevier B.V All rights reserved.

引用

页码：2 / 20

页数：19