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 profits, are not necessarily higher for low-type firms. This has two implications. First …

industries in the sector-specific takeover market, this working paper proves the common knowledge for the example of … corporate characteristics are of significant importance. With respect to prevailing takeover strategies, the survey reveals a …-affected takeover strategies that are elaborated on more closely within the working paper. Examining an acquisition focus in terms of …

the authors estimate positive wage premia of cross-border merger and acquisitions (M&As), suggesting that foreign …

into account efficiency and market power effects. Our findings suggest that a merger policy, but not a discriminatory …. In this vein, harmonization of the EU takeover regulations may particularly benefit assets owners in countries with many …

which information costs and regulations hold back merger activity. Our results suggest that banks operating in more …

share of sales from product innovations is not significantly affected by a foreign takeover for a given amount of innovation …