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 …

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 …

In this paper, we present a model of defensive mergers and merger waves. We argue that mergers and merger waves can …

The merger of Fleet and BankBoston in September 1999 resulted in a regional New England lending market in which only … one large, universal bank remained. We explore the extent to which that merger resulted in monopoly rents for the combined … merger, Fleet and BankBoston charged unusually low loan interest rates, reflecting their ability to realize economies of …

. First is heterogeneity in firms' capabilities. Second, these capabilities differ in their degree of international mobility …. Third, capabilities are traded in a merger market. We address two questions: (1) what are the characteristics of firms that … choose the various modes of foreign market access, and (2) how does the composition of international commerce vary across …

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

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 …

after merger announcement, the passage of time is informative about the probability that the merger will ultimately complete …