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 …

The inability of most bank merger studies to control for hidden bailouts may lead to biased results. In this study, we …

distinctive features, what they are used for, and how they can be derived from economic theory. It also describes how they are …

'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 …

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 …

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 …

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. …