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Merger as a Form of Investment

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  • Bittlingmayer, George

Abstract

A firm can make investments in tangible and intangible capital by buying components in the market and assembling them itself, or it can buy assembled components, by purchasing another firm or a portion of its assets. This approach is consistent with the theory of the firm, especially the emphasis on monitoring and incentives, and it provides a framework of supply and demand. It explains empirical regularities, in particular the cross-section correlation of merger intensity with industry growth, R&D, and productivity increases. New evidence shows a positive relationship between mergers and investment in the United States and Germany, and between joint ventures and investment in Germany. Copyright 1996 by WWZ and Helbing & Lichtenhahn Verlag AG

Suggested Citation

  • Bittlingmayer, George, 1996. "Merger as a Form of Investment," Kyklos, Wiley Blackwell, vol. 49(2), pages 127-153.
    • Handle: RePEc:bla:kyklos:v:49:y:1996:i:2:p:127-53
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    Cited by:

    1. Lessmann, Christian, 2013. "Foreign direct investment and regional inequality: A panel data analysis," China Economic Review, Elsevier, vol. 24(C), pages 129-149.
    2. Dong‐Hun Kim, 2010. "Making or Breaking a Deal: the Impact of Electoral Systems on Mergers & Acquisitions," Kyklos, Wiley Blackwell, vol. 63(3), pages 432-449, August.
    3. Jost, Thomas, 1997. "Direct investment and Germany as a business location," Discussion Paper Series 1: Economic Studies 1997,02e, Deutsche Bundesbank.
    4. Wenjing Ouyang & Samuel H. Szewczyk, 2018. "Stock price informativeness on the sensitivity of strategic M&A investment to Q," Review of Quantitative Finance and Accounting, Springer, vol. 50(3), pages 745-774, April.

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