Collaborative partnerships create interfirm linkages that potentially tie the fortunes of partnering firms to changing circumstances and decisions of each other. Yet not much is known about how firms in such partnerships are affected by their partners' post-formation decisions outside of...

We analyze a large merger in the Dutch banking market during the financial crisis using disaggregated data. Based on a merger simulation model, we evaluate merger-induced changes in the interest rates for savings accounts. We find that the merging banks decreased interest rates by 3 to 5 percent...

This paper employs a new approach to identify merger and acquisition (M&A) transactions financed by syndicated loans and provides evidence that acquirer announcement returns are higher in loan-financed M&A deals than in other deals. Utilizing an instrumental variable approach and a quasi-natural...

This paper examines changes in acquirer and target companies' Credit Default Swap (CDS) spreads as a proxy for default risk around official mergers and acquisitions (M&A) announce-ments. Related literature extensively documents wealth effects triggered by M&A from the shareholders' perspective,...

This is a draft chapter for a forthcoming volume, “Cross Border Mergers Directive: EU Perspectives and National Perspectives”, edited by Thomas Papadopoulos (Springer). The chapter first describes how cross-border mergers are regulated in Italy, detailing the national rules implementing the...

Since 2004, EU merger control guidelines state the Commission will consider efficiencies as a part of its evaluation. We show evidence that despite the guidelines, current EU regulatory practice contains no effective efficiency defence. We investigate empirically all EU merger control decisions...

We investigate the trade-off between financial stability and competition policy by focusing on the merger of ABN AMRO and Fortis Bank NL in the Dutch retail banking market. The financial crisis delayed the completion of the merger giving rise to anti-competitive behavior in the transitory...

We analyze a large merger in the Dutch banking market during the financial crisis using disaggregated data. Based on a merger simulation model, we evaluate merger-induced changes in the interest rates for savings accounts. We find that the merging banks decreased interest rates by 3 to 5 percent...

Double moral hazard problems are prevalent in merger remedies. We consider a holdup problem in which two merging parties forced to sell an asset to a potential buyer, both engage in relationship-specific investments sequentially in order to prepare for an asset transfer. We show that an option...

In this paper, we analyse the final decisions for merger cases prepared by the European Commission (EC) since 1990 and build a unique subsample for all non-cleared cases. These incorporate all merger notifications which were either withdrawn by the notifying parties or have been prohibited by...