th century (Rajan and Zingales, 2003), when some financially verydeveloped countries moved towards bank or state control …

Do shareholders of acquiring companies profit from acquisitions, or do acquiring CEOs overbidand destroy shareholder …

expected target value, and uncertainty, determine value appropriation in acquisitions. …

This paper explains why consolidation acquisitions occur in waves and it predicts the differing role each firm is … initial acquisition triggers a wave of follow-on acquisitions, where the process of asset accumulation by the consolidator is … accelerated since the value of follow-on acquisitions is enhanced by the more concentrated industry structure. An initial …

We study mergers in a market where N firms sell a homogeneous good and consumers search sequentially to discover prices …. The main motivation for such an analysis is that mergers generally affect market prices and thereby, in a search … firms to merge and the welfare implications of mergers. When search costs are relatively small, mergers turn out not to be …

sufficiently large, consumer traffic from the non-merging firms to the merged ones is so small that mergers become unprofitable …

Deneckere and Davidson (1985)hold. However, as search costs increase, the merging firms receive fewercustomers so mergers become …

We analyze the effects of mergers in first-price sealed-bid auctions on bidders' equilibrium bidding functions and on …