that it is beneficial to be a non-merging rival firm to a large horizontal merger. Using a sample of mergers with expert … waves; hence, ‘future acquisition probability’ does not drive the positive abnormal returns of rivals. We then build a …

standard results on the effects of mergers in Cournot models. Prior work finds that, absent efficiency gains, mergers among … neither of these results need hold when mergers can alter the boundaries of technology competition. …

predicts the frequency of mergers and acquisitions to be negatively correlated with employment protection. These predictions …

We explain the empirical puzzle why mergers reduce profits, and raise share prices. If being an 'insider' is better …, since the risk of becoming an outsider is eliminated. We also show that mergers increasing consumers' prices, while …-competitive mergers. These results are derived in an endogenous-merger model, predicting the conditions under which mergers occur, the …

2,500 acquisitions in the United Kingdom and United States are used to examine means of payment in acquisitions. There … has been a substantial increase in the proportion of acquisitions financed with cash in the United States over the period … equity acquisitions and the differences cannot be wholly attributed to the nature of the bid. Cash acquisitions display a …