relatively low in value added per employee at the time of takeover and before, a characteristic we take to indicate relatively …-term recoveries after takeover from the misfortunes of the takeover year and a return to higher growth rates of employment and output … year or two after takeover but seem to have increased their profitability or efficiency relative to their industries. The …

total number and 37% of the total volume of M&As around the world since the early 1990s. We survey the literature on cross …-border M&As, focusing on international factors that can lead firms to acquire a firm in another country. Such factors include …

international sample. Merger characteristics commonly associated with underperformance, such as acquiror size, acquiror Q, or stock … measuring the long-run returns to mergers. In a new data set of close bidding contests we use losers' post-merger performance to … closely comoving in the years before the contest, providing support for our approach to identification. After the merger, they …

that the tax losses and credits of acquired firms likewise exerted no impact on merger activity. Though the use of such …

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

. The extent of post-merger restructuring activities and their cross-sectional variation do not support an empire building …