structural approach to infer acquirers’ gains from merging by interpreting a merger as an auction. Using nonparametric methods …

It is commonly perceived that firms do not want to be outsiders to a merger between competitor firms. We instead argue … that it is beneficial to be a non-merging rival firm to a large horizontal merger. Using a sample of mergers with expert … merger announcement date. Further, we find that the stock reaction of rivals to merger events is not sensitive to merger …

possible reconciliation. It is demonstrated that anticompetitive mergers may reduce competitors' share prices, if the merger …

We propose that an active takeover market provides incentives by offering acquisition opportunities to successful … performance-based pay are non-monotonic in the intensity of the takeover threat. In firms with weak boards, turnover (performance …-based pay) increases (decreases) with the intensity of the takeover threat. When choosing its acquisition policy and the quality …