horizontal merger activity. We propose a theoretically-backed methodological approach to classify mergers that yields more … information on merger types and merger effects, and that can, moreover, distinguish between mergers characterized largely by … approach is that it encompasses the impact of merger events not only on merging firms (custom in the literature), but also on …

that operate partially on a joint tram network. Merger gains are then decomposed into individual technical efficiency …, synergy and size effects following the methodology of Bogetoft and Wang [Bogetoft, P., Wang, D., 2005. Estimating the … gains up to 16 percent of factor inputs are present, mainly resulting from synergy effects. …

banks have a substantial and persistent negative impact on merging banks' revenues. We refer to merger related negative … customers and the temporary distraction of management from day-to-day operations by effecting the merger. For our analyses we … involved in 212 mergers between 1994 and 2006. We find that the negative impact of a merger on net operating revenues amounts …

industries in the sector-specific takeover market, this working paper proves the common knowledge for the example of … corporate characteristics are of significant importance. With respect to prevailing takeover strategies, the survey reveals a …-affected takeover strategies that are elaborated on more closely within the working paper. Examining an acquisition focus in terms of …

We analyze a Bayesian merger game under two-sided asymmetric information about firm types. We show that the standard … prediction of the lemons market model-if any, only low-type firms are traded-is likely to be misleading: Merger returns, i.e. the … difference between pre- and post-merger profits, are not necessarily higher for low-type firms. This has two implications. First …

This paper presents some ideas about determinants of merger waves and some evidence on their effect on profitability … and employment. A brief survey of previous merger waves and an analysis of the recent one give support to the hypothesis … that sectoral shocks are at the root of merger waves. Deregulation and globalization are identified as the shocks …

This paper addresses the key determinants of merger failure, in particular the role of innovation (post-merger … introduce a model of process innovation where merged firms exibit intra-merger spillover of knowledge under different market … section we test the model implications for merger failure for M&A data from the US biotechnology industry in the 90s. We find …

We consider takeover bidding in a Cournot oligopoly when firms have private information concerning the synergy effect … of merging with a takeover target. Two auction rules are considered: standard first-price and profit-share auctions …, supplemented by entry fees. Since non-merged firms benefit from a merger if the synergies are low, bidders are subject to a …