Growing through the merger and acquisition
The paper studies with an endogenous growth model how the merger and acquisition (M&A) affects the aggregate growth rate. We model the M&A as a capital reallocation process, which can increase both productivity and growth rates of firms. The model is tractable and greatly consistent with pat...
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2017
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sg-smu-ink.soe_research-32042018-09-28T06:03:53Z Growing through the merger and acquisition XU, Jianhuan The paper studies with an endogenous growth model how the merger and acquisition (M&A) affects the aggregate growth rate. We model the M&A as a capital reallocation process, which can increase both productivity and growth rates of firms. The model is tractable and greatly consistent with patterns observed in the M&A at the micro level. Matching our model to the data, we find that prohibiting the M&A would lead to the reduction of the aggregate growth rate of US economy by 0.1% and the reduction of the aggregate TFP by 5%. 2017-07-01T07:00:00Z text application/pdf https://ink.library.smu.edu.sg/soe_research/2205 info:doi/10.1016/j.jedc.2017.04.006 https://ink.library.smu.edu.sg/context/soe_research/article/3204/viewcontent/Growing_through_the_merger_and_acquisition.pdf http://creativecommons.org/licenses/by-nc-nd/4.0/ Research Collection School Of Economics eng Institutional Knowledge at Singapore Management University Growth Merger and acquisition Knowledge spillover Matching Complementarity Capital reallocation Growth and Development Macroeconomics |
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Singapore Management University |
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SMU Libraries |
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Asia |
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Singapore Singapore |
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Growth Merger and acquisition Knowledge spillover Matching Complementarity Capital reallocation Growth and Development Macroeconomics |
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Growth Merger and acquisition Knowledge spillover Matching Complementarity Capital reallocation Growth and Development Macroeconomics XU, Jianhuan Growing through the merger and acquisition |
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The paper studies with an endogenous growth model how the merger and acquisition (M&A) affects the aggregate growth rate. We model the M&A as a capital reallocation process, which can increase both productivity and growth rates of firms. The model is tractable and greatly consistent with patterns observed in the M&A at the micro level. Matching our model to the data, we find that prohibiting the M&A would lead to the reduction of the aggregate growth rate of US economy by 0.1% and the reduction of the aggregate TFP by 5%. |
| format |
text |
| author |
XU, Jianhuan |
| author_facet |
XU, Jianhuan |
| author_sort |
XU, Jianhuan |
| title |
Growing through the merger and acquisition |
| title_short |
Growing through the merger and acquisition |
| title_full |
Growing through the merger and acquisition |
| title_fullStr |
Growing through the merger and acquisition |
| title_full_unstemmed |
Growing through the merger and acquisition |
| title_sort |
growing through the merger and acquisition |
| publisher |
Institutional Knowledge at Singapore Management University |
| publishDate |
2017 |
| url |
https://ink.library.smu.edu.sg/soe_research/2205 https://ink.library.smu.edu.sg/context/soe_research/article/3204/viewcontent/Growing_through_the_merger_and_acquisition.pdf |
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