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

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  2. Economics, Finance, Business & Management
  3. Applied Economics Quarterly
  4. Vol. 59, Issue 4
  5. pp. 275–294

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Gelübcke, J. Foreign and Domestic Takeovers in Germany: Cherry-picking and Lemon-grabbing. Applied Economics Quarterly, 59(4), 275-294. https://doi.org/10.3790/aeq.59.4.275
Gelübcke, John P. Weche "Foreign and Domestic Takeovers in Germany: Cherry-picking and Lemon-grabbing" Applied Economics Quarterly 59.4, , 275-294. https://doi.org/10.3790/aeq.59.4.275
Gelübcke, John P. Weche: Foreign and Domestic Takeovers in Germany: Cherry-picking and Lemon-grabbing, in: Applied Economics Quarterly, vol. 59, iss. 4, 275-294, [online] https://doi.org/10.3790/aeq.59.4.275
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Foreign and Domestic Takeovers in Germany: Cherry-picking and Lemon-grabbing

Gelübcke, John P. Weche

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

7 Citations (CrossRef)

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Article Details

Publisher Name
Duncker & Humblot
DOI
https://doi.org/10.3790/aeq.59.4.275
Language
English
Pages
20

Pricing

Individual
€ 26.00 (incl. local VAT if applicable)

Author Details

Institute of Economics, Leuphana University Lüneburg, Germany.

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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

Table of Contents

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

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