Results

CEP discussion paper

Management and firm dynamism

We show better-managed firms are more dynamic in plant acquisitions, disposals, openings and closings in U.S. Census and international data. Better-managed firms also birth better-managed plants and improve the performan...Read more...

CEP discussion paper

Large-scale land acquisitions: Trees, trade and structural change

Large-scale land acquisitions are a key component of agricultural foreign direct investment. In 2023 alone, nearly 6% of the world's arable land was acquired globally. This paper examines their impact on agricultural pro...Read more...

CEP discussion paper

The perfect match: assortative matching in mergers and acquisitions

We interpret M&A deals in Western Europe during the 2010s as the equilibrium of a matching model. Merger surplus arises from complementarities between multiple firm pre-merger characteristics. Large, productive firms pre...Read more...

Journal article

Energy Policy:

Big oil and the energy transition: evidence from M&A

International Oil Companies (IOCs) represent a significant source of capital and expertise that could be deployed to contribute to the investment required to achieve the energy transition to a low carbon future. This pap...Read more...

Journal article

Management Science:

Vertical integration and foreclosure: evidence from production network data

This paper studies the prevalence of potential anticompetitive effects of vertical mergers using a novel data set on U.S. and international buyer-seller relationships and across a large range of industries. We find that ...Read more...

Journal article

Review of International Economics:

The role of management practices in acquisitions and the FDI location decision

This paper investigates how management practices as intangible transfers are associated with the performance of multinational business groups. Differences in the management level across source countries are predictive fo...Read more...

CEP discussion paper

Vertical integration and foreclosure: evidence from production network data

This paper studies the prevalence of vertical market foreclosure using a novel dataset on U.S. and international buyer-seller relationships, and across a large range of industries. We find that relationships are more lik...Read more...

Journal article

International Journal of Industrial Organization:

International aspects of merger policy: a survey

This paper surveys the literature on merger policy in open economies. We first adopt a reduced-form approach to derive general insights on the scope for conflict between national antitrust authorities and on the gains fr...Read more...

CEP discussion paper

Merger policy in a quantitative model of international trade

In a two-country international trade model with oligopolistic competition, we study the conditions on market structure and trade costs under which a merger policy designed to benefit domestic consumers is too tough or to...Read more...

CEP discussion paper

Trade Liberalization and Industrial Restructuring through Mergers and Acquisitions

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 natur...Read more...