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

Foreign and Domestic Takeovers in Germany: Cherry-picking and Lemon-grabbing
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Year:    2013

Author:    Gelübcke, John P. Weche

Applied Economics Quarterly, Vol. 59 (2013), Iss. 4 : pp. 275–294

Abstract

This study provides comparative evidence on ex ante performance of domestic and foreign takeover targets in Germany for the first time. Germany is one of the most important FDI inflow destinations worldwide. Using a new database from German official statistics, unconditional comparisons as well as binary response model estimations of takeover probabilities were performed for the manufacturing and service sector separately. The results show 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 but differ only marginally between foreign and domestic targets.

JEL Classification: F21, F23, G34

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Journal Article Details

Publisher Name:    Global Science Press

Language:    English

DOI:    https://doi.org/10.3790/aeq.59.4.275

Applied Economics Quarterly, Vol. 59 (2013), Iss. 4 : pp. 275–294

Published online:    2013-12

AMS Subject Headings:    Duncker & Humblot

Copyright:    COPYRIGHT: © Global Science Press

Pages:    20

Author Details

Gelübcke, John P. Weche

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Section Title Page Action Price
John P. Weche Gelübcke: Foreign and Domestic Takeovers in Germany: Cherry-picking and Lemon-grabbing 275