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Eat or Be Eaten : A Theory of Mergers and Merger Waves

Gorton, Gary - 2005

In this paper, we present a model of defensive mergers and merger waves. We argue that mergers and merger waves can …

Persistent link: https://www.econbiz.de/10012467319

Monopoly-Creating Bank Consolidation? The Merger of Fleet and BankBoston

Calomiris, Charles W. - 2005

The merger of Fleet and BankBoston in September 1999 resulted in a regional New England lending market in which only … one large, universal bank remained. We explore the extent to which that merger resulted in monopoly rents for the combined … merger, Fleet and BankBoston charged unusually low loan interest rates, reflecting their ability to realize economies of …

Persistent link: https://www.econbiz.de/10012467332

Banker Fees and Acquisition Premia for Targets in Cash Tender Offers : Challenges to the Popular Wisdom on Banker Conflicts

Calomiris, Charles W. - 2005

We analyze data on fees paid to investment bankers and acquisition premia paid for targets in cash tender offers. Our results are broadly consistent with the predictions of a benign view of the role of investment banks in advising acquisition targets. Fees to investment banks are correlated with...

Persistent link: https://www.econbiz.de/10012467350

Mergers and the Composition of International Commerce

Nocke, Volker - 2004

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

Persistent link: https://www.econbiz.de/10012468288

The Cross Border Mergers and Acquisitions Wave of the Late 1990s

Evenett, Simon J. - 2003

To establish a benchmark, the cross border mergers and acquisitions wave of the late 1990s is compared to its predecessor in the late 1980s. It is found to be at least five times larger (in real terms), to involve firms from more OECD nations, and to include many more service sector...

Persistent link: https://www.econbiz.de/10012469043

Evidence for the Effects of Mergers on Market Power and Efficiency

Blonigen, Bruce A. - 2016

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

Persistent link: https://www.econbiz.de/10012455930

Internal versus External Growth in Industries with Scale Economies : A Computational Model of Optimal Merger Policy

Mermelstein, Ben - 2014

We study optimal merger policy in a dynamic model in which the presence of scale economies implies that firms can … the period the merger is proposed. We also find that the ability to commit can lead to a significant welfare improvement …

Persistent link: https://www.econbiz.de/10012458613

No News is News : Do Markets Underreact to Nothing?

Giglio, Stefano - 2013

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

Persistent link: https://www.econbiz.de/10012459747

Fire-sale FDI or Business as Usual?

Alquist, Ron - 2013

Using a new data set, we examine the characteristics and dynamics of cross-border mergers and acquisitions during emerging-market financial crises, that is, so-called "fire-sale FDI". Our findings shed fresh light on whether the transactions undertaken during crisis periods differ in fundamental...

Persistent link: https://www.econbiz.de/10012459824

R&D and the Incentives from Merger and Acquisition Activity

Phillips, Gordon M. - 2012

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

Persistent link: https://www.econbiz.de/10012460314