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The Cross Border Mergers and Acquisitions Wave of the Late 1990s

  • Simon J. Evenett

To establish a benchmark, the cross border mergers and acquisitions wave of the late 1990s is compared to its predecessor in the late 1980s. It is found to be at least five times larger (in real terms), to involve firms from more OECD nations, and to include many more service sector transactions. However, in comparison to the size of national stock market capitalizations, foreign mergers with and acquisitions of domestic firms during this latest wave were small, especially in the Group of Seven leading industrial economies. The effect of cross border mergers and acquisitions on performance in one important service sector, banking, is also examined. Specifically, the relative importance of cross border mergers and acquisitions, domestic mergers and acquisitions, domestic entry and exit, and strategic alliances and joint ventures for interest rate spreads was estimated for 13 industrial nations. The principal findings suggest that the effects of these firm-driven changes in banking market structure differ markedly between EU member states and non-EU industrialized economies. This highlights the importance of differentiating between types of cross border inter-firm agreements and the pitfalls of generalising about the effects of the latest wave of cross border mergers and acquisitions as many of the harshest critics of globalization do.

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File URL: http://www.nber.org/papers/w9655.pdf
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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 9655.

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Date of creation: Apr 2003
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Publication status: published as Baldwin, Robert E. and L. Alan Winters (eds.) Challenges to globalization: Analyzing the economics NBER Economic Research Conference Report series. Chicago and London: University of Chicago Press, 2004.
Handle: RePEc:nbr:nberwo:9655
Note: ITI
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  1. repec:lan:wpaper:1192 is not listed on IDEAS
  2. Robert E. Lipsey & Zadia Feliciano, 2002. "Foreign Entry into U.S. Manufacturing by Takeovers and the Creation of New Firms," NBER Working Papers 9122, National Bureau of Economic Research, Inc.
  3. Allen N. Berger & Robert DeYoung & Hesna Genay & Gregory F. Udell, 1999. "Globalization of financial institutions: evidence from cross-border banking performance," Working Paper Series WP-99-25, Federal Reserve Bank of Chicago.
  4. Evenett, Simon J., 2003. "Do all networks facilitate international commerce? US law firms and the international market for corporate control," Journal of the Japanese and International Economies, Elsevier, vol. 17(4), pages 520-537, December.
  5. repec:lan:wpaper:1127 is not listed on IDEAS
  6. V N Balasubramanyam & C F Elliott, 2002. "Competition policy and the WTO," Working Papers 539974, Lancaster University Management School, Economics Department.
  7. Xavier Vives, 2001. "Competition in the Changing World of Banking," Oxford Review of Economic Policy, Oxford University Press, vol. 17(4), pages 535-547.
  8. Nam-Hoon Kang & Sara Johansson, 2000. "Cross-Border Mergers and Acquisitions: Their Role in Industrial Globalisation," OECD Science, Technology and Industry Working Papers 2000/1, OECD Publishing.
  9. Neven, Damien J & Röller, Lars-Hendrik, 2000. "The Scope of Conflict in International Merger Control," CEPR Discussion Papers 2621, C.E.P.R. Discussion Papers.
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