In this paper, we present a model of defensive mergers and merger waves. We argue that mergers and merger waves can …

In this paper, we develop a novel theory of cross-border mergers and acquisitions. Firms can choose between different … modes of foreign market access: exporting, greenfield FDI, and cross-border M&A. Our theory is based on three key ideas …. Third, capabilities are traded in a merger market. We address two questions: (1) what are the characteristics of firms that …

We study optimal merger policy in a dynamic model in which the presence of scale economies implies that firms can … the period the merger is proposed. We also find that the ability to commit can lead to a significant welfare improvement …

industry merger and acquisition activity. All of these effects are stronger for smaller firms than for larger firms …

associated with the merger. We call these transactions "liquidity mergers," since their main purpose is to reallocate liquidity …

The use of judgmental anchors or reference points in valuing corporations affects several basic aspects of merger and … acquisition activity including offer prices, deal success, market reaction, and merger waves. Offer prices are biased towards the …, bidder shareholders react increasingly negatively as the offer price is pulled upward toward that price. Merger waves occur …

banks in individual EU countries help to explain the nature of cross-border merger activity. If they wish to protect …

We analyze the optimal dynamic policy of an antitrust authority towards horizontal mergers when merger proposals are … endogenous and occur over time. Approving a currently proposed merger will affect the profitability and welfare effects of … surplus by using a completely myopic merger review policy that approves a merger today if and only if it does not lower …

, average HMO premiums are estimated to be 3.2% higher than they would have been absent any hospital merger activity during the …