In a Stackelberg framework of capital income taxation it is shown that imposing a minimum tax rate that is lower than …Diese Arbeit untersucht Steuerwettbewerb als Stackelberg-Spiel. Als zentrales Ergebnis zeigt sich, dass die Einführung …

We use a sample of 167 mergers during the period 1990-2002 involving 544 firms either as merging firms or competitors …. We contrast a measure of the merger’s profitability based on event studies with one based on accounting data. We find …

expected gains at the time of merging, these mergers turn out to be less efficient in the long term—a finding that is broadly …

We explain the empirical puzzle why mergers reduce profits and raise share prices. If being an “insider” is better than … mergers occur, when they occur, and how the surplus is shared. …

This paper analyzes the effects of mergers around the world over the past 15 years. We utilize a large panel of data on … mergers to test several hypotheses about mergers. The effects of the mergers are examined by comparing the performance of the … that mergers on average do result in significant increases in profits, but reduce the sales of the merging firms …

-based synergies in horizontal merger activity. We propose a schematic to classify mergers that yields more information on merger types … and merger effects, and that can, moreover, distinguish between mergers characterized largely by collusion-based synergies … and mergers characterized largely by efficiency-based synergies. Crucial to the proposed measurement procedure is that it …

that it is beneficial to be a nonmerging rival firm to a large horizontal merger. Using a sample of mergers with expert …