Relationship between Cross-Border Mergers and Acquisitions and International Trade: The Case of Russian Pharmaceutical Industry

2020 ◽  
pp. 81-94
Author(s):  
Alexandra V. Chugunova ◽  
Olga A. Klochko
Keyword(s):  
International Trade ◽  
Mergers And Acquisitions ◽  
Volume Growth ◽  
Pharmaceutical Products ◽  
Pharmaceutical Companies ◽  
Cross Border ◽  
Export Volume ◽  
Relationship Of ◽  
Geographical Diversification ◽  
The Relationship

This research studies the relationship of cross-border mergers and acquisitions to international trade through the lens of Russian pharmaceutical market. To this aim, the study analyses the woks of foreign economists dedicated to evaluating the link between foreign direct investment and international trade, and the influence of mergers and acquisitions on countries’ export and import flows. The research also presents a correlation analysis between the volume of Russian pharmaceutical exports and imports and cross-border deals performed by foreign pharmaceutical companies in Russia. We characterize these deals and conduct a comparative analysis of the regional structure of Russian pharmaceutical exports and imports as well as of the countries of origin of buyers in cross-border mergers and acquisitions. The results of the analysis indicate a positive relationship between cross-border mergers and acquisitions and Russian pharmaceutical exports, which is reflected in the export volume growth and its geographical diversification. However, it is outlined that particular problems of the industry hinder the amelioration of Russian positions in international exports. Similarly, the relationship between cross-border deals and Russian imports is positive: the major pharmaceutical products supply flow occurs from the countries of origin of buyers in cross-border mergers and acquisitions conducted in the Russian pharmaceutical sector.

scholarly journals Impact of Cross-border Mergers and Acquisitions on the Development of Chinese Pharmaceutical Exports and Imports

2019 ◽  
Vol 12 (6) ◽  
pp. 170-187
Author(s):  
O. A. Klochko ◽  
A. V. Chugunova
Keyword(s):  
Mergers And Acquisitions ◽  
Foreign Trade ◽  
Growth Rates ◽  
Industrial Development ◽  
Pharmaceutical Products ◽  
Pharmaceutical Companies ◽  
Foreign Markets ◽  
Cross Border ◽  
Pharmaceutical Trade ◽  
The Impact

The article is devoted to the research into the impact of cross-border mergers and acquisitions, conducted by international pharmaceutical companies in China, on Chinese participation in international pharmaceutical trade. Relevance of the study resides in the importance of mergers and acquisitions as instruments that are widely used in a foreign markets penetration process and that lead to the enhancement of intercorporate trade, thus significantly influencing country’s foreign trade. International pharmaceutical companies expanded their operations in Chinese market during the last two decades as a result of the market liberalization. Mergers and acquisitions, conducted by international players, have directly or indirectly led to higher growth rates of Chinese foreign trade in pharmaceutical products, to geographic diversification of pharmaceutical exports and to an increase in deliveries from developed countries. China more than doubled its share in global exports of pharmaceutical products and almost quadrupled its share as an importer of pharmaceuticals. The specific features of Chinese pharmaceutical trade are high growth rates in imports and imports’ significant excess over exports. Substantial proportion of Chinese imports is constituent by pharmaceutical components, that are needed to ensure production of high quality pharmaceuticals in China. Mergers and acquisitions play important role in this process and cause changes in geographical structure of imports. Seven biggest suppling countries, which hold more than two thirds of imports to China, represent the countries of origin of companies that are actively involved into mergers and acquisitions in Chinese pharmaceutical market. The research results can be used by public regulatory authorities for the elaboration of industrial development policies through stimulating or deterring foreign direct investments. Research can be of use to pharmaceutical companies in formulating competition strategies for domestic and foreign markets. 

Mergers and acquisitions: A consideration of the drivers and hurdles

2001 ◽  
Vol 8 (2) ◽  
Author(s):  
Ian McBeath ◽  
Jeffrey Bacha
Keyword(s):  
Mergers And Acquisitions ◽  
Technology Development ◽  
Shareholder Value ◽  
Pharmaceutical Companies ◽  
Successful Implementation ◽  
Cross Border ◽  
International Transactions

Mergers and acquisitions (M&A) are increasingly being included by biopharmaceutical companies within earlier stage strategies as a means of accelerating technology development and thus quickening the path to shareholder value. These drivers are generally different from those of the larger established pharmaceutical companies that are more earnings focused. The authors consider some of the drivers of and hurdles to the successful implementation of M&A from both a national and cross-border perspective. In 2000 the number of cross-border transactions increased to 41 per cent of all M&A deals; however, generally, returns from international transactions are much lower. The authors also consider the important issues of determination of the price to be paid and the use of stock as 'currency'.

THE COMMON EUROPEAN SALES LAW, CONSUMER PROTECTION AND OVERRIDING MANDATORY PROVISIONS IN PRIVATE INTERNATIONAL LAW

2013 ◽  
Vol 62 (2) ◽  
pp. 463-483 ◽  
Author(s):  
Christopher Bisping
Keyword(s):  
International Law ◽  
Consumer Protection ◽  
Private International Law ◽  
Cross Border ◽  
Border Trade ◽  
The Common ◽  
Definition Of ◽  
Common European Sales Law ◽  
Relationship Of ◽  
The Relationship

AbstractThis article analyses the relationship of the proposed Common European Sales Law (CESL) and the rules on mandatory and overriding provisions in private international law. The author argues that the CESL will not achieve its stated aim of taking precedence over these provisions of national law and therefore not lead to an increase in cross-border trade. It is pointed out how slight changes in drafting can overcome the collision with mandatory provisions. The clash with overriding mandatory provisions, the author argues, should be taken as an opportunity to rethink the definition of these provisions.

Ownership participation of cross-border mergers and acquisitions by emerging market firms

2015 ◽  
Vol 53 (1) ◽  
pp. 221-246 ◽  
Author(s):  
Monica Yang
Keyword(s):  
Mergers And Acquisitions ◽  
Cultural Distance ◽  
Emerging Market ◽  
Foreign Market ◽  
Foreign Market Entry ◽  
Firm Level ◽  
Content Type ◽  
Cross Border ◽  
Emerging Market Firms ◽  
The Relationship

Purpose – The purpose of this paper is to adopt a multi-level approach to investigate what factors shape the content of emerging market firms’ foreign market entry decisions, particularly the ownership participation in cross-border mergers and acquisitions (M&As). In addition, the author would like to know if companies from emerging markets that possess higher (or lower) ownership in cross-border M&As receive higher valuation in the market. Design/methodology/approach – Using panel data of cross-border M&As by emerging market firms from 2000 to 2012, the author tests the hypothesized effects of the independent variables on the level of ownership participation; and uses a standard event study methodology to assess the market reaction of a particular cross-border M&A deal. Findings – The author finds that a country-level factor (institutional distance), an industry-level factor (industry unrelatedness) and a firm-level factor (board concentration) have significant impact on ownership participation in cross-border M&As. The author also finds that investors do give high valuation to those emerging market firms that chose high ownership participation in cross-border M&As. However, the author did not finds the support for the relationship between ownership participation and cultural distance. Neither did the author finds the support for the relationship between ownership participation and board independence. Originality/value – This study enhances the understanding of conditions under which the level of ownership participation in cross-border M&As would increase (decrease) and how the market reacts to high (low) ownership participation of cross-border M&As by emerging market firms.

scholarly journals Pharmacotherapy and child psychiatry: is there a way forward?

2008 ◽  
Vol 14 (1) ◽  
pp. 10-16 ◽  
Author(s):  
A. James
Keyword(s):  
Pharmaceutical Industry ◽  
Child Psychiatry ◽  
New Drugs ◽  
Pharmaceutical Companies ◽  
Drug Treatments ◽  
New Guidelines ◽  
Post Trial ◽  
Relationship Of ◽  
The Relationship

Recent controversy over the use of serotonin reuptake inhibitors in children and adolescents has focused attention on the role of the pharmaceutical industry in the treatment of young people. Failure of pharmaceutical companies to fully disclose negative outcome trials has led to new guidelines for publication of all trial results. Scrutiny is on the conduct of trials and the relationship of the pharmaceutical industry with prescribing doctors and post-trial surveillance of new drugs. It is argued that drug treatments in child psychiatry are a powerful therapeutic tool but vigilance is needed to ensure that data on the efficacy and safety of drugs are freely available.

scholarly journals The Use Of Market Intelligence Tools To Optimize The Economic Impact Of A Chronic Disease In Mexico

2009 ◽  
Vol 2 (1) ◽  
pp. 125-126
Author(s):  
Jaqueline Alejandra Haces Arce
Keyword(s):  
Pharmaceutical Products ◽  
Financial Impact ◽  
Pharmaceutical Companies ◽  
Health Providers ◽  
Clinical Practices ◽  
Major Health ◽  
Market Intelligence ◽  
Treatment Of Diabetes ◽  
The Relationship ◽  
Major Health Issue

The pharmaceutical products market in Mexico involves four main actors: health providers, health payers, patients and pharmaceutical companies. The relationship between health providers and the pharmaceutical companies that supply the products required to prevent and treat illnesses is of particular interest. This relationship can be described within the frame of the treatment of diabetes mellitus (DM), a major health issue in most countries, and an urgent one in Mexico. The financial impact of the treatment of diabetes could be optimized through the use of the tools provided by market intelligence systems and best clinical practices. These results would also have an impact on major health metrics for the relevant population.

Effects of Cross-border Merger and Acquisition on the Operational Risk of US and Canadian Companies

2020 ◽  
pp. 097215091989509
Author(s):  
Bruno Lopes de Paula ◽  
Daiana Paula Pimenta ◽  
Ricardo Limongi França Coelho ◽  
Jaluza Maria Lima Silva Borsatto ◽  
Rafael Manoel de Oliveira
Keyword(s):  
Decision Making ◽  
Panel Data ◽  
Mergers And Acquisitions ◽  
Emerging Economies ◽  
Operational Risk ◽  
Merger And Acquisition ◽  
Emerging Countries ◽  
Cross Border ◽  
The World ◽  
The Relationship

The integration of the world economies is responsible for an increase in the number of cross-border mergers and acquisitions (M&A), together with the growing participation of companies from emerging countries in this type of investment. However, the area studies focus their analyses on the determinants, antecedents and profitability of the companies, leaving the effects of this type of business on the operational risk of the companies involved as a gap to be explored. To fill it, we used panel data regressions to identify the relationship between cross-border M&A and the operational risk of companies. The results indicate that acquiring companies based in emerging economies are the ones that suffer the most significant impacts on this type of business. As the implication, this study serves as a basis for the decision-making of the managers of the acquiring companies, being able to identify the risks of this activity and the ways of preventing them.

scholarly journals The relationship of globalization and regionalization on the example of the Khanty-Mansiysk Autonomous okrug-Yugra

2015 ◽  
Vol 13 (4) ◽  
pp. 23-26
Author(s):  
Dina F Islamutdinova
Keyword(s):  
International Relations ◽  
Social Problems ◽  
Cross Border ◽  
Factors Of Production ◽  
Relationship Of ◽  
The Relationship ◽  
Cross Border Movement

The development of regionalization in the context of international relations. Globalism and regionalism are considered one-directional: the interdependence, the growth of cross-border movement of factors of production, focus on solving environmental and social problems.

scholarly journals Measures Affecting the Cross-Border Supply of Gambling and Betting Services (DS 285)

2008 ◽  
Vol 7 (1) ◽  
pp. 71-113 ◽  
Author(s):  
DOUGLAS A. IRWIN ◽  
JOSEPH WEILER
Keyword(s):  
Similar Measure ◽  
Cross Border ◽  
Appellate Body ◽  
Equivalent Effect ◽  
The Cross ◽  
Relationship Of ◽  
The Relationship ◽  
Regulatory Measure

AbstractThe controversial gambling decision of the Appellate Body is mostly important because of examination of the nature of Access under Article XVI GATS, the relationship of that Article to Articles XIV and XVII GATS, and the parallels with Articles III, XI, and XX GATT. Notably, the Appellate Body took the position that an apparant internal regulatory measure, which, nonetheless, had equivalent effect to a zero quota, violated Article XVI GATS. A similar measure in the area of goods would have been examined under Article III GATT and require a showing of discrimination. The facts of the case would have allowed the decision to be based on Article XVII GATS. Most of this paper deals with this issue. We agree with this interpretation of Article XVI by the Appellate Body but are critical of its hermeneutics, suffering from a textual fetish and a policy phobia. Some other elements in the decision are also examined critically.

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