Im Freistaat Sachsen stehen - je nach Schätzung - mit 1.700 bis 2.700 betroffenen Familienunternehmen pro Jahr die meisten Nachfolgeregelungen in den neuen Bundesländern an. Familienexterne Nachfolgelösungen gewinnen dabei in den letzten Jahren zunehmend an Bedeutung. Vor allem wegen des...

We consider market dynamics in a reduced form model. In the simplest version, there are two investors and several small noninvesting firms. In each period, one investor can acquire a small firm, the other investor decides about market entry. After that all firms play an oligopoly game. We derive...

We provide a framework for analyzing bilateral mergers when there is two-sided asymmetric information about firms’ types. We show that there is always a "no-merger" equilibrium where firms do not consent to a merger, irrespective of their type. There may also be a "cut-off" equilibrium if the...

We analyze a Bayesian merger game under two-sided asymmetric information about firm types. We show that the standard prediction of the lemons market model–if any, only low-type firms are traded–is likely to be misleading: Merger returns, i.e. the difference between pre- and post-merger...

China has become one of the world's leading destinations for foreign direct investment (FDI). However, while cross-border mergers and acquisitions (M&A) have become the dominant form of global FDI flows, they remain a relatively small part of FDI flows into China. In reviewing developments since...

New patterns of globalisation are accelerating the internationalisation of industry and reshaping industrial structure at the global level. Rapidly growing cross-border mergers and acquisitions (M&As) and strategic alliances are distinctive features of globalisation in the current era. They have...