Export or Merge? Proximity vs. Concentration in Product Space
NBER Working Paper No. 19751
---- Acknowledgments ----
I thank Alan Spearot for generously sharing the sector-country-year aggregates of his global M&A transactions data. An early version of this manuscript circulated under the title "Market Access: Enter and Extract, or Merge and Match?" The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research. An Online Supplement at http://econ.ucsd.edu/muendler/papers/abs/enter.html documents equilibrium existence under parameter restrictions.