with one of the acquirers. We examine implications of our analysis for the efficiency of the market for corporate control …

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 …

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

acquisitions by incumbents are shown to stimulate the process of creative destruction by increasing the entrepreneurial effort …

's assets are sold at an auction. The model suggests that low greenfield costs and low trade costs induce foreign acquisitions …

necessarily restrict innovation incentives. We also show that network effects promote acquisitions over entry and that the …