search query: @author Schaller, H. / total: 2
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| Author: | Erard, B. Schaller, H. |
| Title: | Acquisitions and investment |
| Journal: | Economica
2002 : VOL. 69, p. 391-413 |
| Index terms: | Econometric models Mergers Investments Capital goods |
| Language: | eng |
| Abstract: | The authors derive a simple theoretical framework in which acquisitions are treated as an alternative way of obtaining capital goods. They transform their theoretical specification into econometric model, which they then estimate using a long panel data-set spanning 503 US firms over 15 consecutive years. The results indicate that an increase in the shadow value of capital has approximately the same proportionate effect on the level of acquisitions as it does on investment. This result proves to be robust to a variety of alternative specifications. |
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