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Business Groups, Bank Control and Large Shareholders: An Analysis of German Takeovers

Boehmer, Ekkehart - 1999

I analyse the effect of ownership structure and bank control on performance. I employ a unique data set of 715 German takeovers to test whether group structure, large shareholders, and bank control affect their value to shareholders. First, I find that takeovers increase bidder value, but...

Persistent link: https://www.econbiz.de/10011608484

Failing Firm Defense with Entry Deterrence

Fedele, Alessandro; Tognoni, Massimo - 2006

Under the principle of the Failing Firm Defense (FFD) a merger that would be blocked due to its harmful effect on competition could be nevertheless allowed when (i) the acquired firm is actually failing, (ii) there is no less anti-competitive alternative purchase, (iii) absent the merger, the...

Persistent link: https://www.econbiz.de/10011651456

Does it pay to acquire technological firms? Motives, process and success of corporate acquisition ; experience of German-American firms

Chakrabarti, Alok K.; Hauschildt, Jürgen; Süverkrüp, … - 1992

Acquisition of corporation has always been an important activity in th U.S. and other countries. The motives for mergers have changed over time. Acquisition has become an important and quick means to gain access to technology and technological know-how. Acquisition of foreign firms has been an...

Persistent link: https://www.econbiz.de/10011653576

Ausländische Unternehmen und Übernahmeeffekte: Neue Fakten für Deutschland

Weche Gelübcke, John P. - In: Wirtschaftsdienst 93 (2013) 4, pp. 247-251

Die Übernahme deutscher Firmen durch ausländische Investoren und die allgemeine Präsenz derselben wird zwiespältig beurteilt: Auf der einen Seite werden Investitionen gefördert, um von Produktivitäts-Spillovern zu profitieren, andererseits wird befürchtet, dass es unter anderem zu einem...

Persistent link: https://www.econbiz.de/10010516331

The link between cultural due diligence and socio-cultural post-merger integration management as a critical success factor in M&As

Dörrenbächer, Christoph; Witzmann, Natalie - 2015

With the unchanging high failure rate of M&As, recent research is putting an increasing emphasis on Cultural Due Diligence (CDD) and socio-cultural Post-Merger Integration (PMI) Management. Nevertheless, the state of the art on CDD is still rare, leading to the fact that its actual value for a...

Persistent link: https://www.econbiz.de/10011282563

National Versus International Mergers and Trade Liberalization

Yildiz, Halis Murat - 2003

This paper uses an endogenous merger formation approach in a concentrated international oligopoly to examine the effects of trade liberalization on the nature of merger incentives (national vs. international). The effects of unilateral trade liberalization on a country's industry structure are...

Persistent link: https://www.econbiz.de/10011325079

Cross-Border Bank Mergers: What Lures the Rare Animal?

DeLong, Gayle L.; Buch, Claudia M. - 2001

Although domestic mergers and acquisitions (M&As) in the financial services industry have increased steadily over the past two decades, international M&As were relatively rare until recently. This paper uses a novel dataset of over 2,300 mergers that took place between 1978 and 2001 to analyse...

Persistent link: https://www.econbiz.de/10010260608

The Incentives for Takeover in Oligopoly

Inderst, Roman; Wey, Christian - 2004

We present a model of takeover where the target optimally sets its reserve price. Under relatively standard symmetry … restrictions, we obtain a unique equilibrium. The probability of takeover is only a function of the number of firms and of the … Bertrand models. A takeover is more likely under Bertrand competition if goods are substitutes and more likely under Cournot …

Persistent link: https://www.econbiz.de/10010260718

Selling reputation when going out of business

Hakenes, Hendrik; Peitz, Martin - 2004

Is the reputation of a firm tradeable when the previous owner has to retire even though ownership change is observable? We consider a competitive market in which a share of owners must retire in each period. New owners, observing only recent profits, bid for the firms on sale. Customers are...

Persistent link: https://www.econbiz.de/10010261210

Virtual capacity and competition

Schultz, Christian - 2005

In several European merger cases competition authorities have demanded that the merging firm auctions off virtual capacity. The buyer of virtual capacity receives an option on an amount of output at a pre-specified price, typically equal to marginal cost. This output is sold in the market in...

Persistent link: https://www.econbiz.de/10010261290