cash and stock used to finance the takeover (the method of payment). Within this framework, we analyze the effect of the …

-level uncertainty is characterized by a pecking order: the announcement of a domestic takeover leads to a reduction in the uncertainty …

We analyze the impact of a merger on firms' incentives to innovate. We show that the merging parties always decrease … their innovation efforts post-merger while the outsiders to the merger respond by increasing their effort. A merger tends to … reduce overall innovation. Consumers are always worse off after a merger. Our model calls into question the applicability of …

This study investigates the impact of firm-specific discount factors on merger formation and market performance. We … explain merger formation and the impact on product market performance. More specifically, we find that acquiring firms …

of takeover bids. Mergers frequently force target CEOs to retire early, and CEOs' private merger costs are the forgone … costs, we find strong evidence that target CEO preferences affect merger patterns. The likelihood of receiving a takeover … benefits of staying employed until the planned retirement date. Using retirement age as an instrument for CEOs' private merger …