The paper shows that the standing of theory in the field of mergers and acquisitions is weak for at least three reasons …. Research is best described as a battlefield of ad hoc theory testing leaving behind a fragmented field. Research has focused … growth). The deficiencies in the standing of theory will be reflected in weak institutions to handle the political processes …

The research question of the article is: Does the competence-based view, representing a theory of sustaining … competitive advantage, offer simultaneously a comprehensive theory of the firm? In order to develop an answer, it appears to be …-based one. The scrutiny suggests that the competencebased view represents a theory of the firm with other answers than current …

In the context of increasing globalization of markets, merger and acquisition activities in the 1990s are said to be …

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 …

's stand-alone value and a component of the synergies that would be realized by the merger involving his firm. We characterize …, hence transfers can be made contingent on the new information accruing after the merger. Second, we study the case of … identify necessary and sufficient conditions for the implementability of efficient merger rules. In the second case, we show …

' types. We show that there is always a no-merger equilibrium where firms do not consent to a merger, irrespective of their … type. There may also be a cut-off equilibrium if the expected merger returns satisfy a suitable single crossing condition …, which will hold if a firm's merger returns are essentially monotone decreasing in its type. Applying our analysis to the …