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Driven by the discount factor : impact of mergers on market performance in the semiconductor industry

Harris, Jeremiah; Siebert, Ralph - 2015

This study investigates the impact of firm-specific discount factors on merger formation and market performance. We … explain merger formation and the impact on product market performance. More specifically, we find that acquiring firms …

Persistent link: https://www.econbiz.de/10010479370

A simple model of mergers and innovation

Federico, Giulio; Langus, Gregor; Valletti, Tommaso M. - 2017

We analyze the impact of a merger on firms' incentives to innovate. We show that the merging parties always decrease … their innovation efforts post-merger while the outsiders to the merger respond by increasing their effort. A merger tends to … reduce overall innovation. Consumers are always worse off after a merger. Our model calls into question the applicability of …

Persistent link: https://www.econbiz.de/10011669398

Innovation and startup acquisition

Bourreau, Marc; Gautier, Axel - 2024

investigate how the merger regime influences the direction of the startup’s innovation. …

Persistent link: https://www.econbiz.de/10015164657

Buying to sell : private equity buyouts and industrial restructuring

Norbäck, Pehr-Johan; Persson, Lars; Tåg, Joacim - 2013

We show how temporary ownership by private equity firms affects industry structure, competition and welfare. Temporary ownership leads to strong investment incentives because equilibrium resale prices are determined by buyers incentives to block rivals from obtaining assets. These incentives...

Persistent link: https://www.econbiz.de/10009772935

The role of toeholds and capital gains taxes for corporate acquisition strategies

Liberini, Federica; Russo, Antonio; Stimmelmayr, Michael - 2016

cash and stock used to finance the takeover (the method of payment). Within this framework, we analyze the effect of the …

Persistent link: https://www.econbiz.de/10011554398

Mergers in the digital economy

Gautier, Axel; Lamesch, Joe - 2020

Over the period 2015-2017, the five giant technologically leading firms, Google, Amazon, Facebook, Amazon and Microsoft (GAFAM) acquired 175 companies, from small start-ups to billion dollar deals. By investigating this intense M&A, this paper ambitions a better understanding of the Big Five's...

Persistent link: https://www.econbiz.de/10012154717

Corporate acquisitions and firm-level uncertainty : domestic versus cross-border deals

Bai, Ye; Girma, Sourafel; Riaño, Alejandro - 2020

-level uncertainty is characterized by a pecking order: the announcement of a domestic takeover leads to a reduction in the uncertainty …

Persistent link: https://www.econbiz.de/10012158166

Distressed acquisitions : evidence from European emerging markets

Iwasaki, Ichirō; Kočenda, Evžen; Shida, Yoshisada - 2021

We analyze factors behind 23,213 distressed acquisitions in European emerging markets from 2007–2019. Besides the impact of financial ratios, legal form, ownership structure, firm size, and age, we emphasize the role of institutions and channels of their propagation. We show that the quality...

Persistent link: https://www.econbiz.de/10012508593

Big tech acquisitions and innovation : an empirical assessment

Barsy, Laureen de; Gautier, Axel - 2024

In the past 20 years, large digital platforms have made many acquisitions, mainly young and innovative startups. Few of them have been reviewed by competition authorities and little is known on their evolution after acquisition. This paper intends to fill in this gap by looking at the...

Persistent link: https://www.econbiz.de/10014505345

Virtual capacity and competition

Schultz, Christian (contributor) - 2005

In several European merger cases competition authorities have demanded that the merging firm auctions off virtual …

Persistent link: https://www.econbiz.de/10003110458