We investigate the impact of mergers on R&D incentives within a framework of R&D competition where effort can influence both the probability of innovation and the payoff conditional on success. Our framework nests the results of two classes of existing models and reveals assumptions that are...

This study investigates how bank mergers and acquisitions (M&As) reshape the monitoring architecture of syndicated loans and, by extension, borrowers' financing conditions. Using a global panel of 20,299 syndicated loan contracts, originating in 43 countries between 1982 and 2020, we link LPC...

This study investigates whether the post-merger performance of companies in the Czech Republic exceeds their pre-merger performance. Employing the Czech-specific IN05 model and internationally recognized composite financial performance indicators (Altman Z-score, Taffler model, and Kralicek...

The Illumina/Grail case, which significantly rejected the EU Commission's wide interpretation of its powers of accepting a referral of a merger that did not meet the national merger control thresholds of the referring Member State, introduced changes in the EU about concentrations (Article 22 of...

Motivated by the recent increase in bank mergers, this paper examines the performance of German cooperative banks that merged between 2014 and 2019. We are particularly interested in whether elevated merger rates are due to bank inefficiencies or to challenging policy measures such as...

This study examines effects of mergers between Austrian banks from 2005 to 2018. Using matching techniques, we assess consequences for bank profitability and financial efficiency, as well as the impact on loan growth and a measure of social efficiency. Significant effects are observed in naive...

We study the effects of corporate acquisitions on workers using Swedish administrative data and document substantial, persistent earnings losses following acquisitions. These losses reflect both displacement and wage cuts among stayers from target firms. We find no evidence that increased...

Motivated by the resource-based view (RBV) of the firm, this study explores whether mergers and acquisitions (M&As) can facilitate or impede a firm's marketing capabilities. Furthermore, this study also examines whether the influence of M&As on a firm's marketing capabilities is conditional to...

This paper examines how the Brazilian ready-mix concrete cartel expanded through mergers and acquisitions. Specifically, we investigate whether cartel firms strategically acquired non-aligned competitors to optimize market dominance, eliminate competition and sustain collusive behavior.Using...

Against the backdrop of increasingly prominent global environmental issues, heavily polluting enterprises (HPPs) urgently need to find a path to green transformation that achieves sustainable development and overcomes efficiency challenges. Based on data on mergers and acquisitions of HPPs from...

We study how political parties share power internally by analyzing the allocation of list positions to different factions. We develop a theory of intraparty bargaining in which list positions shape the mobilization efforts of party activists in different factions. Our results allow us to link...