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

merger wave. The evidence indicates that the efficiency of the majority of acquiring firms increases following an acquisition …. Based on the parameter estimates, we calculate merger welfare effects. We find that total welfare increased by $583 …

The Q-theory of investment says that a firm's investment rate should rise with its Q. We argue here that this theory … also explains why some firms buy other firms. We find that 1. A firm's merger and acquisition (Mamp;A) investment responds … investment, i.e., the 'Free-Cash Flow' story works, but explains a small fraction of mergers only, and 3. The merger waves of …

, average HMO premiums are estimated to be 3.2% higher than they would have been absent any hospital merger activity during the …

We study optimal merger policy in a dynamic model in which the presence of scale economies implies that firms can … the period the merger is proposed. We also find that the ability to commit can lead to a significant welfare improvement …

In this paper, we develop a novel theory of cross-border mergers and acquisitions. Firms can choose between different … modes of foreign market access: exporting, greenfield FDI, and cross-border M&A. Our theory is based on three key ideas …. Third, capabilities are traded in a merger market. We address two questions: (1) what are the characteristics of firms that …

We analyze the optimal dynamic policy of an antitrust authority towards horizontal mergers when merger proposals are … endogenous and occur over time. Approving a currently proposed merger will affect the profitability and welfare effects of … surplus by using a completely myopic merger review policy that approves a merger today if and only if it does not lower …