Family business literature is oriented toward intra-family succession as the preferred way to transfer businesses. However, when it comes to family business sales, neither the family business nor the acquisition literature provides sufficient knowledge about the sales process. This study aims to...

This study analyzes the development and determinants of control premiums in mergers and acquisitions in the European market from 2009 to 2022 (i.e., stock volatility, liquidity via money supply, sectoral growth, transaction volume, market capitalization, free cash flows, presence of a toehold,...

We develop a model of digital ecosystems based on the assumption that a multimarket firm can use a sale in or data from one market to steer users toward its products in other markets. Due to this "cross-market leverage," a market leader at an "access point" (where users begin their online...

We develop a theory of digital ecosystems built on the premise that a multi-market firm can steer users it has in one market toward its products in other markets. Due to this “cross-market leverage,” a leader in an “access-point” market (where users begin their online journeys) derives a...

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 proposes a novel attention-based deep neural network (AttDNN) model specifically designed for predicting mergers and acquisitions (M&A). The model extends existing deep learning frameworks by incorporating M&A-specific features, regularization layers, and an attention mechanism that...

Family business literature is oriented toward intra-family succession as the preferred way to transfer businesses. However, when it comes to family business sales, neither the family business nor the acquisition literature provides sufficient knowledge about the sales process. This study aims to...

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...

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...

We show that adverse selection is a key determinant of banking market structure. Using data on US bank branches over 1981-2016, we study banks' decisions to expand or contract geographically. First, banks are more likely to expand in counties that are similar, in terms of industry shares, to...

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...