change: internally precipitated management turnover, hostile takeover, and friendly takeover. We find that firms experiencing … is also weaker evidence that hostile takeover targets underperform their industry peers. We interpret this evidence as … relative to industry, but that an external challenge in the form of a hostile takeover is often required when the whole …

effect of a merger on the behavior of rival firms, and instrumenting for these mergers, unbiased estimates of the effect of a … merger on market outcomes can be obtained. Using this methodology, I evaluate the impact of independent hospital mergers … between 1989 and 1996 on rivals' prices. I find sharp increases in rivals' prices following a merger, with the greatest effect …

structure and to show how accounting for selection can change predictions about post-merger market power and repositioning, in … ways that are consistent with what has been observed after actual mergers, and possible merger remedies …

are robust to a range of approaches to address the endogeneity of firms' merger decisions …

merge and post-merger value creation and synergies? We compile comprehensive information on U.S. bank acquisitions from 1986 …

first order effect on observed merger and acquisition activity in the US. We also present evidence of increased reliance on … while the 1986 Tax Act discouraged transactions among US corporations, it increased the demand for merger and acquisition …