-competitive mergers. These results are derived in an endogenous-merger model, predicting the conditions under which mergers occur, the …We explain the empirical puzzle why mergers reduce profits, and raise share prices. If being an 'insider' is better …, since the risk of becoming an outsider is eliminated. We also show that mergers increasing consumers' prices, while …

(R&D) activity. I exploit a quasi-experiment involving failed mergers to generate exogenous variation in acquisition … diversifying mergers produce both a smaller number of innovations and also less-novel innovations, where innovations are measured … capital market and is largely driven by inventors becoming less productive after the merger rather than inventor exits …

We set up a sequential merger to study a firm's incentives to pass up on an opportunity to merge with another firm. We … find that such incentives may exist when there are efficiency gains from a merger, firms are of different sizes, there is … an anthitrust authority present to approve mergers, and there is sufficient alignment of interests between the antitrust …

raises the question of how to reconcile the enforcement of competition rules with the need of mergers as efficient devices …). These studies show that exit dynamics – by setting new boundaries and changing the dynamic of sectorial competition â … focus on M&A as a strategy of orderly exiting from a declining industry. We argue that merger strategies in such a context …

There is great interest in evaluating the impact of private equity investments on innovation and economic growth …. However, there is no direct empirical evidence on the effects of such transactions on the innovation strategies of … Business Innovation Research (SBIR) program research awards. We find that SBIR firms attracting private equity investments are …

This paper illustrates that taking alternative mergers into consideration when analyzing the effects of a proposed … merger may provide some information to the antitrust authorities. In particular, the use of revealed preference may allow the … authorities to establish an expected upper limit on the efficiency gains obtained in a given merger that also increases the …

if global banks improve their performance due to their cross-border activity, whether we speak about mergers or … acquisitions of local banks or we speak about other ways a global bank begins the activity in a different country. As methodology …

Do shareholders of acquiring companies profit from acquisitions, or do acquiring CEOs overbid and destroy shareholder … value? Answering this question is difficult since the hypothetical counterfactual is hard to determine. We exploit merger … winning the contest, the post-merger performance of the loser allows calculating the counterfactual performance of the winner …