Cross-Border Mergers and Acquisitions vs. Greenfield Foreign Direct Investment: The Role of Firm Heterogeneity.
We develop a general equilibrium model with heterogeneous firms to address two sets of questions: (1) what are the characteristics of firms that choose the various modes of foreign market access (exporting, greenfield FDI, and cross-border M&A;), and (2) how does the international organization of production vary across industries and country-pairs? We show that the answers to these questions depend on the nature of firm heterogeneity. Depending on whether firms differ in their mobile or i...Expand abstract
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