-run, inferences from IPO charters, interests of long-term share-holders, aggregate shareholder wealth, and protection of stakeholders …

predicts the frequency of mergers and acquisitions to be negatively correlated with employment protection. These predictions …

that it is beneficial to be a non-merging rival firm to a large horizontal merger. Using a sample of mergers with expert …

We explain the empirical puzzle why mergers reduce profits, and raise share prices. If being an 'insider' is better …, since the risk of becoming an outsider is eliminated. We also show that mergers increasing consumers' prices, while …-competitive mergers. These results are derived in an endogenous-merger model, predicting the conditions under which mergers occur, the …

for trade with the other shareholders. In equilibrium, the number of arbitrageurs buying shares and the number of shares …

by the simultaneous increase in debt. Dispersed target shareholders then only appropriate part of the value improvement … shifting takeover gains to target shareholders and causing takeovers to fail. While bankruptcy costs are a social cost, the … takeover premium is merely a wealth transfer between the raider and target shareholders. As the raider does not internalize …

benefits. This discrepancy is caused by the free-riding behaviour of small shareholders. Moreover, the controlling block trades … and the consequent transfer to small shareholders. Therefore, factors that alter the pay-offs of small shareholders in a …

In this paper I estimate and test a model of the effects of competitiveness, oil prices and government expenditure on … that competitiveness and government expenditure have been equally important independent sources of output fluctuations …