merge and post-merger value creation and synergies? We compile comprehensive information on U.S. bank acquisitions from 1986 …

are robust to a range of approaches to address the endogeneity of firms' merger decisions …

. Third, capabilities are traded in a merger market. We address two questions: (1) what are the characteristics of firms that …

occurred in the 2 or 3 years before the takeover; after the takeover, employment recovered a bit, but not enough to offset the …

appliance markets most affected by the merger to markets where concentration changed much less or not at all. We estimate price …

measuring the long-run returns to mergers. In a new data set of close bidding contests we use losers' post-merger performance to … closely comoving in the years before the contest, providing support for our approach to identification. After the merger, they … international sample. Merger characteristics commonly associated with underperformance, such as acquiror size, acquiror Q, or stock …

The use of judgmental anchors or reference points in valuing corporations affects several basic aspects of merger and … acquisition activity including offer prices, deal success, market reaction, and merger waves. Offer prices are biased towards the …, bidder shareholders react increasingly negatively as the offer price is pulled upward toward that price. Merger waves occur …

after merger announcement, the passage of time is informative about the probability that the merger will ultimately complete …

industry merger and acquisition activity. All of these effects are stronger for smaller firms than for larger firms …