Clougherty, Joseph A.; Duso, Tomaso - In: Journal of Management Studies 46 (2009) 8, pp. 1365-1395
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 identification of relevant rivals and the event-study...
