restrictions. This calls for a ”financial” efficiency defense in the merger law. We also show that cross-border M&As are not only …

In this study, we investigate the effect of merger waves on the long-term valuation of aggregate stock market. Our … empirical test shows significant positive relationship between the intensity of past, with four years lag, aggregate merger …

This paper examines whether market evaluates merger announcements in a reasonable way based on their effect on … fundamental value using a sample of 37 mergers from U.S. industries completed within 1992-1997. For this purpose, the post-merger … to market efficiency hypothesis. Full sample analysis shows that bidder abnormal stock return at the merger announcement …

This article aims at studying the economic dimension of the bargaining process in merger control by using the latest … results from the literature. After recalling the classic typology of merger remedies, we look at what is at stake in the … negotiation between merging parties and the competition authority. The tradeoff between merger remedies, efficiency gains expected …

acquisitions from 1977 to 2004, we find technological synergy is a positive determinant of merger premium. It also has a positive …

business cycles. (2) Most mergers occur when both the acquirer and the target economies are booming. (3) Merger booms have both … peers. These facts are consistent with the neoclassical theory of mergers in which productive firms expand overseas to seize …

A traditional VaR approach is not suitable to assess the risk that merger arbitrage funds carry in their portfolios. We … propose a simple two-state or three-state model that captures the risk characteristics of the deals in which merger arbitrage …

A traditional VaR approach is not suitable to assess the risk of merger arbitrage hedge funds. We recently proposed a … simple two- or three-state model that captures the risk characteristics of the deals in which merger arbitrage funds invest …. Here, we refine the model, and demonstrate that it captures merger and acquisition risk characteristics using over 4000 …

In this paper we compare the profitability of a merger to the profitability of a partial ownership arrangement and find …