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Trade liberalization and industrial restructuring through mergers and acquisitions

Breinlich, Holger (2008) Trade liberalization and industrial restructuring through mergers and acquisitions Journal of International Economics, 76 (2). pp. 254-266.

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Abstract

This paper analyzes mergers and acquisitions (M&As) as a channel of industrial restructuring after trade liberalization. Using the Canada–United States Free Trade Agreement (CUSFTA) of 1989 as a source of exogenous variation in trade barriers, I show that trade liberalization increased domestic Canadian M&A activity (Canadian firms buying other Canadian firms) by over 70%. There is no robust link between tariff reductions and either domestic U.S. or cross-border M&As. I also provide evidence that domestic M&As transferred resources from less to more productive firms and that the magnitude of the overall transfer was quantitatively important.

Item Type: Article
Divisions : Faculty of Arts and Social Sciences > School of Economics
Authors :
NameEmailORCID
Breinlich, Holgerh.breinlich@surrey.ac.uk
Date : 19 August 2008
DOI : 10.1016/j.jinteco.2008.07.007
Uncontrolled Keywords : Mergers and acquisitions; Trade liberalization; Restructuring; International trade; Canada–United States Free Trade Agreement
Depositing User : Clive Harris
Date Deposited : 24 May 2018 13:23
Last Modified : 16 Jan 2019 19:10
URI: http://epubs.surrey.ac.uk/id/eprint/846513

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