Recent studies have extensively used logit or probit models to examine hypothesis on merger motives and corporate …

. (ii) Takeovers raise the profitability of futuretakeovers. A possible explanantion of merger races is also obtained by …Horizontal takeovers often occur in waves. A sequence of takeovers is obtained in a Cournotsetting with cost … asymmetries. They are motivated by two different reasons: (i) A low realizationof demand increases the profitability of takeovers …

The paper studies managerial incentives in a model where managers choose product market strategies and make takeover … contract, the manager might undertake unprofitable takeovers. …