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In this study, we use firm-level data from the 1993 National Survey of Small Business Finances to test the hypothesis that banking consolidation has reduced the availability of credit to small businesses. We find that banks in markets where mergers have occurred are more likely than other banks...
Persistent link: https://www.econbiz.de/10005836119
In this study, we examine unsuccessful takeover attempts for new evidence on whether mergers create or destroy value … literature on signaling by investigating whether a takeover attempt signals investors about the quality of firm management as … partially, but not completely, reversed by termination announcement returns, evidence that the merger proposal itself contains …
Persistent link: https://www.econbiz.de/10005837001
Nowadays high profile merger cases are becoming quite important and are taken as milestones of legal systems that … of the decisions made by the European Commission, as well as, the US Department of Justice in the merger case of two … competitive effects produced by such possible merger and the possible solutions in case of anticompetitive outcomes. The …
Persistent link: https://www.econbiz.de/10008919760
The impact that competition exerts on the incentives of firms to pass through reductions in their marginal costs is an important consideration in assessing the performance of alternate market structures. This paper examines the role of product differentiation on firm-specific and industry-wide...
Persistent link: https://www.econbiz.de/10008683283
Industries are transformed by the adoption of flexible production technologies and complementary changes in firms' organization. Some of the results of this transformation include companies extending their product lines and reshaping their relationships with outside partners. In this paper I...
Persistent link: https://www.econbiz.de/10008685052
occurs either with a merger, a partial merger, an acquisition or, most commonly, a failed rival league. Often the incumbent …
Persistent link: https://www.econbiz.de/10008685550
The valuation of synergy is vital to the success of any merger, however, given current valuation methodologies and the … complexity of the task; it is also the most challenging element of merger and acquisition pricing. Conventional valuation methods … elements and relations. If such a delicate system is segmented due to a merger, the outcome measured in turnover and profit …
Persistent link: https://www.econbiz.de/10008694022
information about suitable merger targets and to manage the merged corporation in case of an acquisition. Our results show that …€”to obtain high-powered incentives and, hence, a high personal income at the merger-management stage. We derive conditions under …
Persistent link: https://www.econbiz.de/10010699423
We study the merger paradox, a relative of Harsanyi's bargaining paradox, in an experiment. We examine bilateral …
Persistent link: https://www.econbiz.de/10011096157
Firms sign an integration contract with the purpose of increasing their expected profits from trade and competition with third parties. Gains depend on how the contract improves the partners' production function (e.g. better synergies, organization, etc.), and how it increases their power in the...
Persistent link: https://www.econbiz.de/10011111066