2,500 acquisitions in the United Kingdom and United States are used to examine means of payment in acquisitions. There … has been a substantial increase in the proportion of acquisitions financed with cash in the United States over the period … equity acquisitions and the differences cannot be wholly attributed to the nature of the bid. Cash acquisitions display a …

Part ownership of a takeover target can help a bidder win a takeover auction, often at a low price. A bidder with a … ‘toehold’ bids aggressively in a standard ascending auction because its offers are both bids for the remaining shares and asks … large in a common value auction. When a firm bids more aggressively, its competitors face an increased winner’s curse and …

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 …

the market. Using detailed matched employer-employee data, we analyze how firm takeovers and product market competition … ownership change, in particular when product market competition is weak. Further, increased competition reduces the gender wage …

model, takeovers both increase the surplus from trade and enable the firm to extract a potentially higher share of the …

This paper reviews the existing literature on takeovers. Takeovers are a means to redeploy corporate assets more … inefficiencies. Takeovers may be undertaken for reasons other than value creation and the threat of a control change can induce …