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This paper studies the premiums paid in successful tender offers and mergers involving NYSE and Amex-listed target firms from 1975-91 in relation to pre-announcement stock price runups. It has been conventional to measure corporate control premiums including the price runups that occur before...
Persistent link: https://www.econbiz.de/10012474048
This paper provides a new and simple model of endogenous horizontal product differentiation based on a standard demand structure derived from quadratic utility. One objective of the paper is to explain the "empirical Bertrand paradox" - the failure to observe homogeneous product Bertrand...
Persistent link: https://www.econbiz.de/10012457700
of merger activity. We find that hospitals gaining system members in-state (but not in the same geographic market …
Persistent link: https://www.econbiz.de/10012456568
The 2010 Department of Justice and Federal Trade Commission Horizontal Merger Guidelines lay out a new standard for … cases in which the GUPPI would imply increased regulatory scrutiny of a proposed merger …
Persistent link: https://www.econbiz.de/10012458959
appliance markets most affected by the merger to markets where concentration changed much less or not at all. We estimate price …
Persistent link: https://www.econbiz.de/10012461181
In this paper, we present a model of defensive mergers and merger waves. We argue that mergers and merger waves can …
Persistent link: https://www.econbiz.de/10012467319
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 …
Persistent link: https://www.econbiz.de/10012468288
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 …
Persistent link: https://www.econbiz.de/10012458613
industry merger and acquisition activity. All of these effects are stronger for smaller firms than for larger firms …
Persistent link: https://www.econbiz.de/10012460314
associated with the merger. We call these transactions "liquidity mergers," since their main purpose is to reallocate liquidity …
Persistent link: https://www.econbiz.de/10012461933