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We provide new facts about the cross-section and evolution of mergers and acquisitions for U.S. public firms. Using a general equilibrium model with a hedonic demand system and data on institutional ownership, we document that mergers are increasingly concentrated among firm pairs with a high...
Persistent link: https://www.econbiz.de/10014258338
This article finds that non-controlling minority shareholdings among competitors lower the sustainability of collusion. This is the case under an even greater variety of situations than was indicated by earlier literature. The collusion destabilizing effect of minority shareholdings is mainly...
Persistent link: https://www.econbiz.de/10011524013
Non-controlling minority shareholdings in rivals (NCMS) lower the sus- tainability of collusion under a wide variety of circumstances. Nevertheless, NCMS are sometimes deemed to facilitate collusion, in particular if the level of NCMS is exogenous. The present paper endogenizes firms' choice of...
Persistent link: https://www.econbiz.de/10011992347
Non-controlling minority shareholdings in rivals (NCMS) lower the sustainability of collusion under a wide variety of circumstances. Nevertheless, NCMS are sometimes deemed to facilitate collusion, in particular if the level of NCMS is exogenous. The present paper endogenizes firms' choice of...
Persistent link: https://www.econbiz.de/10012287557
We examine takeover auctions when an informed bidder has better informationabout the target value than a rival and …
Persistent link: https://www.econbiz.de/10013290302
the second merger. This paper suggests that the increasing returns can be explained by information discovered by investors … about the quality of the first merger upon announcement of the second merger. Using heterogeneity in various measures of … uncertainty regarding the first merger, I find the increasing returns are concentrated in consecutive mergers where the level of …
Persistent link: https://www.econbiz.de/10013004659
This study examines the synergy and internalization hypotheses for international acquisitions using a sample of Australian companies with particular focus on the relationship between the synergistic gains and R&D capabilities of both the acquirer and target. We focus on three research questions:...
Persistent link: https://www.econbiz.de/10013140121
business cycles. (2) Most mergers occur when both the acquirer and the target economies are booming. (3) Merger booms have both …
Persistent link: https://www.econbiz.de/10013146698
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. -- Economic models …
Persistent link: https://www.econbiz.de/10003933343
and managerial factors on post-merger default risk. Our results are consistent with the asymmetric hypothesis that … and industrial diversification play significant roles in affecting post-merger default risk. We find limited evidence …
Persistent link: https://www.econbiz.de/10013058826