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 …

Die Wahl zwischen Diversifikation und Spezialisierung ist eine lange und kontrovers diskutierte Frage in der … messen, wie sie bei real existierender, also beobachtbarer Diversifikation reagieren und ob sie in Querschnitt- und … Diversifikation sowie ihrer Entwicklung im Zeitverlauf für das verarbeitende Gewerbe in Deutschland gegeben. …

'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 …

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 … liberalization has been accompanied by an increase in international merger activity. Among equilibrium market structures …

employment of merger simulation models in merger control procedures during the past almost 15 years. Merger simulation is … of state-of-the-art merger simulation models and review their previous employment in merger cases as well as the problems … and limitations currently associated with their use in merger control. In summary, merger simulation models represent an …

In our paper targets, by setting a reserve price, screen acquirers on their (expected) ability to generate merger …-speci?c synergies. Both empirical evidence and many common merger models suggest that the di?erence between high- and low … acquirers increases and, hence, targets screen less tightly during booms, which leads to a hike in merger activity. Our …

We demonstrate a 'preemptive merger mechanism' which may explain the empirical puzzle why mergers reduce profits, and … raise share prices. A merger may confer strong negative externalilties on the firms outside the merger. If being an 'insider … pre-merger value of a merging firm is low, since it reflects the risk of becoming an outsider. These results are derived …