Seminar: Location and Determinants of Cross-Border Mergers & Acquisitions within the USA

Time: 13.00-14.00 hours
Location: CPB-office, Van Stolkweg 14, The Hague

Presentation: Steven Brakman (RUG)

Discussant: TBA

Language: English

Registration: Please register by sending an email to seminars@cpb.nl.

Abstract subject:
The relevance of location choice in multinational activity is traditionally restricted to Greenfield investments. Research on cross-border mergers & acquisitions (M&As) largely bypasses the important question where to locate within the host country. In this paper we analyze the within-country location-target decision for acquiring firms. Using a detailed firm level data set for all manufacturing sector M&As across the USA for the period 1985-2012, we focus on the difference between cross-border M&As and national M&As within the USA and establish that cross-border M&As are more spatially concentrated. We also find that cross-border M&As sort into larger agglomerations across the USA than national M&As. With respect to the determinants of cross-border M&As, our estimations indicate that a good market access in the USA as well as, through transport hubs, a good access to the rest of the world are key drivers for target selection in the US for M&As in general.

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