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Integration Contracts and Asset Complementarity: Evidence from US Data

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  • Paolo Di Giannatale
  • Francesco Passarelli

Abstract

We study the effects of ownership and complementarity on the performance of bilateral contracts (M&A, Minority Stake purchase and Joint Venture). We derive profitability conditions based on how a contract changes the asset control between partners and how this affects their position against competitors. Then we test our predictions on a sample of US firms. We build a multiproduct and time varying complementarity index in order to estimate the link between firms’ relationships within industry, and performance over time.

Suggested Citation

  • Paolo Di Giannatale & Francesco Passarelli, 2013. "Integration Contracts and Asset Complementarity: Evidence from US Data," LIUC Papers in Economics 268, Cattaneo University (LIUC).
    • Handle: RePEc:liu:liucec:268
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