The question of whether or not mergers and acquisitions have helped to enhance banks' efficiency and profitability has … problems involved. In this study, we analyze the effect of German bank mergers in the period 1995-2000 on banks' profitability … predominantly under-performing banks engage in mergers. Our results indicate a neutral effect of mergers on profitability and a …

management (AM) and real earnings management (REM) and it impacts on firm's post-acquisition performance during the period before …-stock” acquirers' earnings management (EM) strategy. We also find substitution effects between EM methods and that the choice of EM is … its current performance and that pre-acquisition management no longer matters, though pre-acquisition AM users show better …

Using a sample of target firms that do not delist from the stock market after a majority takeover, we investigate the … on equity. However, we do not find a significant effect of CEO turnover on target stock returns in the post-takeover … period. These results are consistent with the predictions of the inefficient management hypothesis, which contrast with those …

Firms' Post-Takeover Performance: Evidence from Not-Delisting Target Firms" to which these Appendices apply is available at …