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Foreign and Domestic Takeovers in Germany: Cherry-picking and Lemon-grabbing

Research output: Working paper › Working papers

Standard

Foreign and Domestic Takeovers in Germany: Cherry-picking and Lemon-grabbing. / Weche Gelübcke, John Philipp.
Lüneburg: Institut für Volkswirtschaftslehre der Universität Lüneburg, 2012. (Working Paper Series in Economics; No. 240).

Research output: Working paper › Working papers

Harvard

Weche Gelübcke, JP 2012 'Foreign and Domestic Takeovers in Germany: Cherry-picking and Lemon-grabbing' Working Paper Series in Economics, no. 240, Institut für Volkswirtschaftslehre der Universität Lüneburg, Lüneburg.

APA

Weche Gelübcke, J. P. (2012). Foreign and Domestic Takeovers in Germany: Cherry-picking and Lemon-grabbing. (Working Paper Series in Economics; No. 240). Institut für Volkswirtschaftslehre der Universität Lüneburg.

Vancouver

Weche Gelübcke JP. Foreign and Domestic Takeovers in Germany: Cherry-picking and Lemon-grabbing. Lüneburg: Institut für Volkswirtschaftslehre der Universität Lüneburg. 2012. (Working Paper Series in Economics; 240).

Bibtex

@techreport{cbac17db7b4f4285a444e929a580b50f,
title = "Foreign and Domestic Takeovers in Germany: Cherry-picking and Lemon-grabbing",
abstract = "This study focuses on ex ante performance of domestic and foreign takeover targets in Germany, one of the most important FDI infl ow destinations worldwide. Using a new database from German offcial statistics, unconditional comparisons as well as binary response model estimations of takeover probabilities were performed for the manufacturing and service sector separately. The results showed a diametrically opposing impact of productivity and profitability on the takeover likelihood. This offers a conciliation of two supposedly opponent hypotheses, known as 'cherry-picking' and 'lemon-grabbing'. The results advocate assumptions of asset-exploiting and information asymmetries in favor of domestic investors but differ only marginally between foreign and domestic targets.",
keywords = "Economics, foreign ownership, Germany, acquisition, firm performance, services, inward FDI, multinational firms, productivity",
author = "{Weche Gel{\"u}bcke}, {John Philipp}",
year = "2012",
language = "English",
series = "Working Paper Series in Economics",
publisher = "Institut f{\"u}r Volkswirtschaftslehre der Universit{\"a}t L{\"u}neburg",
number = "240",
type = "WorkingPaper",
institution = "Institut f{\"u}r Volkswirtschaftslehre der Universit{\"a}t L{\"u}neburg",

}

RIS

TY - UNPB

T1 - Foreign and Domestic Takeovers in Germany: Cherry-picking and Lemon-grabbing

AU - Weche Gelübcke, John Philipp

PY - 2012

Y1 - 2012

N2 - This study focuses on ex ante performance of domestic and foreign takeover targets in Germany, one of the most important FDI infl ow destinations worldwide. Using a new database from German offcial statistics, unconditional comparisons as well as binary response model estimations of takeover probabilities were performed for the manufacturing and service sector separately. The results showed a diametrically opposing impact of productivity and profitability on the takeover likelihood. This offers a conciliation of two supposedly opponent hypotheses, known as 'cherry-picking' and 'lemon-grabbing'. The results advocate assumptions of asset-exploiting and information asymmetries in favor of domestic investors but differ only marginally between foreign and domestic targets.

AB - This study focuses on ex ante performance of domestic and foreign takeover targets in Germany, one of the most important FDI infl ow destinations worldwide. Using a new database from German offcial statistics, unconditional comparisons as well as binary response model estimations of takeover probabilities were performed for the manufacturing and service sector separately. The results showed a diametrically opposing impact of productivity and profitability on the takeover likelihood. This offers a conciliation of two supposedly opponent hypotheses, known as 'cherry-picking' and 'lemon-grabbing'. The results advocate assumptions of asset-exploiting and information asymmetries in favor of domestic investors but differ only marginally between foreign and domestic targets.

KW - Economics

KW - foreign ownership

KW - Germany

KW - acquisition

KW - firm performance

KW - services

KW - inward FDI

KW - multinational firms

KW - productivity

M3 - Working papers

T3 - Working Paper Series in Economics

BT - Foreign and Domestic Takeovers in Germany: Cherry-picking and Lemon-grabbing

PB - Institut für Volkswirtschaftslehre der Universität Lüneburg

CY - Lüneburg

ER -

Other publications by the same author(s)

The Top 100 Companies Panel Database: Five Decades of Aggregate Concentration Surveys in Germany

Buchwald, A., Hotten, R., Rothbauer, J. & Weche, J. P., 01.11.2021, In: Jahrbucher für Nationalokonomie und Statistik. 241, 5-6, p. 787-800 14 p.

Research output: Journal contributions › Journal articles › Research › peer-review

The identification of up-And downstream industries using input-output tables and a firm-level application to minority shareholdings

Bodnar, O. A., Buchwald, A. & Weche, J. P., 20.12.2017, In: Jahrbücher für Nationalökonomie und Statistik. 237, 6, p. 499-525 27 p.

Research output: Journal contributions › Journal articles › Research › peer-review

Risk or Resilience? The Role of Trade Integration and Foreign Ownership for the Survival of German Enterprises during the Crisis 2008-2010

Wagner, J. & Gelübcke, J. P. W., 01.07.2016, Microeconometrics of International Trade. Wagner, J. (ed.). World Scientific Publishing Co., p. 369-397 29 p. (World Scientific Studies in International Economics; vol. 52).

Research output: Contributions to collected editions/works › Chapter › peer-review

Tax enforcement and corporate profit shifting

Baumann, F., Buchwald, A., Friehe, T., Hottenrott, H. & Weche Gelübcke, J. P., 29.07.2017, In: Applied Economics Letters. 24, 13, p. 902-905 4 p.

Research output: Journal contributions › Journal articles › Research › peer-review

Access to finance, foreign ownership and foreign takeovers in Germany

Wagner, J. & Weche Gelübcke, J. P., 21.06.2015, In: Applied Economics. 47, 29, p. 3092-3112 21 p., P340.

Research output: Journal contributions › Journal articles › Research › peer-review

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