banks in individual EU countries help to explain the nature of cross-border merger activity. If they wish to protect …

valuations. We find that there is a diversification discount: The marketvalues financial conglomerates that engage in multiple … indicate that economies of scope arenot sufficiently large to produce a diversification premium …

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

Lifecycle theories of mergers and diversification predict that firms make acquisitions and diversify when their … being equally acquisitive but more so than middle-aged firms. Firms that go public during the merger/IPO wave of the 1990s …

Does corporate diversification reduce shareholder value? Since firms endogenously choose to diversify, exogenous … variation in diversification is necessary in order to draw inferences about the causal effect. We examine changes in the within … investment, are negatively related to firm value. Thus diversification destroys value, consistent with the inefficient internal …

appliance markets most affected by the merger to markets where concentration changed much less or not at all. We estimate price …

industry merger and acquisition activity. All of these effects are stronger for smaller firms than for larger firms …