Showing 1 - 10 of 16,992
This paper investigates the merger wave hypothesis for the US and the UK employing a Markov regime switching model …. Using quarterly data covering the last thirty years, for the US, we identify the beginning of a merger wave in the mid 1990s … but not the much-discussed 1980s merger wave. We argue that the latter finding can be ascribed to the refined methods of …
Persistent link: https://www.econbiz.de/10010315576
The inability of most bank merger studies to control for hidden bailouts may lead to biased results. In this study, we …
Persistent link: https://www.econbiz.de/10010295902
A Direct Monte Carlo (DMC) approach is introduced for posterior simulation in theInstrumental Variables (IV) model with one possibly endogenous regressor, multipleinstruments and Gaussian errors under a flat prior. This DMC method can also beapplied in an IV model (with one or multiple...
Persistent link: https://www.econbiz.de/10010326547
distinctive features, what they are used for, and how they can be derived from economic theory. It also describes how they are …
Persistent link: https://www.econbiz.de/10011605552
Anticompetitive mergers increase competitors' profits, since they reduce competition. Using a model of endogenous mergers, we show that such mergers nevertheless may reduce the competitors' share-prices. Thus, event-studies can not detect anti-competitive mergers.
Persistent link: https://www.econbiz.de/10010334958
's stand-alone value and a component of the synergies that would be realized by the merger involving his firm. We characterize …, hence transfers can be made contingent on the new information accruing after the merger. Second, we study the case of … identify necessary and sufficient conditions for the implementability of efficient merger rules. In the second case, we show …
Persistent link: https://www.econbiz.de/10011324884
We demonstrate a 'preemptive merger mechanism' which may explain the empirical puzzle why mergers reduce profits, and … raise share prices. A merger may confer strong negative externalilties on the firms outside the merger. If being an 'insider … pre-merger value of a merging firm is low, since it reflects the risk of becoming an outsider. These results are derived …
Persistent link: https://www.econbiz.de/10010335000
The paper shows that the standing of theory in the field of mergers and acquisitions is weak for at least three reasons …. Research is best described as a battlefield of ad hoc theory testing leaving behind a fragmented field. Research has focused … growth). The deficiencies in the standing of theory will be reflected in weak institutions to handle the political processes …
Persistent link: https://www.econbiz.de/10011430846
refer to hollowing-out as the situation where the target firm is shut down following a merger with a domestic or foreign … when a cross-border merger with hollowing out is not profitable but it is socially desirable. …
Persistent link: https://www.econbiz.de/10010279886
Persistent link: https://www.econbiz.de/10010334842