Mergers, strategic investments and antitrust policy

Article Abstract:

Diversification of firms into new markets can be carried out through either internal development or conglomerate merger. A dynamic three-stage bargaining model with variable threats shows that established companies are willing to enter new markets via conglomerate merger if the government holds a lenient antitrust position toward horizontal mergers. Such a policy also influences acquisition price but otherwise does not affect the choice of entry mode. Conglomerate mergers are shown to increase welfare.

Models, Management, Evaluation, Conglomerate corporations, Antitrust law, Diversification in industry, Industrial diversification

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Note: some differences between licensed and internalized transfers of machine tool technology: an empirical note

Article Abstract:

A study was conducted to examine variations of technology transfer in form between those from within the firm to those arranged by contract with independent firms. The study applies data from the machine tool industries of the US, Germany and the UK. Results show that management-organized transfers cover more skills and information than licensed transactions with independent firms. The results support transactions cost theory.

Analysis, Technology transfer, Foreign licensing agreements

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