proximity based on almost 600,000 individual transactions. The findings indicate that significant clustering occurs in time and … across industries, while the results on geographic clustering are mixed. This supports the view that merger waves are mostly …

predicts that a merger is more likely to be profitable in an innovation intensive industry. For a high degree of firm … heterogeneity a merger reduces innovation in both the merged entity and in non-merging competitors in an industry with high R … consistent with many predictions of the theoretical model. Our main result is that after a merger patenting and R\&D of the …

In our paper targets, by setting a reserve price, screen acquirers on their (expected) ability to generate merger …-specific synergies. Both empirical evidence and many common merger models suggest that the difference between high- and low … acquirers increases and, hence, targets screen less tightly during booms, which leads to a hike in merger activity. Our …