This paper analyzes the systemic risk effects of bank mergers to test the “concentration-fragility” hypothesis. We use the marginal expected shortfall as well as the lower tail dependence between a bank’s stock returns and a relevant bank sector index to capture the merger-related change...

Grenzüberschreitende Umstrukturierungen wurden bislang unter Nutzung traditionellerStrukturmodelle als Übernahmen oder Zusammenschluss zwischen Gleichen mitöffentlichen Erwerbsangeboten gegen bar oder Aktien vollzogen. Eine grenzüberschreitendeVerschmelzung im rechtstechnischen Sinne war...

This exploratory paper investigates why some companies appear to find successful business relationshipsrelatively effortless. It seems that the organisation’s search for and utilisation of key resources canguarantee its success in the market place. The paper incorporates a critique of...

Several top deals already closed, a still highly fragmented industry and strong pressure for furtherconsolidation following the financial crisis – renewable energy certainly has become a red-hot topic inM&A. Surveying 220 companies in the solar photovoltaic, utility and financial sector as...

Large companies are usually organized into business units, yet some activitiesare almost always centralized in a company-wide functional unit. We firstshow that organizations endogenously create an incentive conflict between functionalmanagers (who desire excessive standardization) and...

Der vorliegende Artikel beschäftigt sich mit der Rolle der Informationstechnologie bei Firmenzusammenschlüssen. Gerade im Zug der Neuorndung von Unternehmen gewinnt diese immer mehr an Bedeutung.

Carve out projects have recently become an emerging issue in practice and theory given the diversityof strategic foci of companies as well as recent merger and acquisition activities of firms. This paperhighlights the relevance of IT in such carve out projects. IT depicts their characteristics...

The welfare dominance of ad valorem taxes over unit taxes in a single-market Cournot oligopoly is well-known. This article extends the analysis to multi-market oligopoly. Provided all ad valorem taxes are positive, unit costs are constant, firms are active in all considered markets, and a...