We examine how product differentiation influences mergers and acquisitions and the ability of firms to exploit product …

mergers of equals and show that in both cases closure happens inefficiently late …

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

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 …

, i.e., the 'Free-Cash Flow' story works, but explains a small fraction of mergers only, and 3. The merger waves of 1900 …The Q-theory of investment says that a firm's investment rate should rise with its Q. We argue here that this theory … also explains why some firms buy other firms. We find that 1. A firm's merger and acquisition (M&A) investment responds to …

This paper studies the premiums paid in successful tender offers and mergers involving NYSE and Amex-listed target …

Focusing on takeover bids whose outcome can be predicted in advance with certainty, Grossman and Hart established the …

Study of the impact of mergers and acquisitions (M&As) on productivity and market power has been complicated by the … are robust to a range of approaches to address the endogeneity of firms' merger decisions …

We study optimal merger policy in a dynamic model in which the presence of scale economies implies that firms can … reduce costs through either internal investment in building capital or through mergers. The model, which we solve … computationally, allows firms to invest or propose mergers according to the relative profitability of these strategies. An antitrust …