interaction between firms in a general equilibrium setting). In terms of economic importance, the dominant merger wave variable is … a positive global-all effect, indicating that M&A waves are an economy-wide, global phenomenon. Country-specific merger …

value? Answering this question is difficult since the hypotheticalcounterfactual is hard to determine. We exploit merger … winningthe contest, the post-merger performance of the loser allows calculating the counterfactualperformance of the winner … without the merger. In a novel data set of merger contests since1985, we find that the returns of bidders are closely aligned …

In a cross-border takeover, the tax base associated with future capital gains is transferred from target shareholders …