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 …

-affected takeover strategies that are elaborated on more closely within the working paper. Examining an acquisition focus in terms of … 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 …

This paper examines the determinants of mergers and bankruptcies, using firm level data from the Swiss Business Census … differences in the determinants of mergers and bankruptcies, in particular with respect to firm size, location and the impact of … macroeconomic conditions. Our results support the notion that mergers are often undertaken to seize growth opportunities. …

This paper evaluates partial acquisition strategies. The model allows for buying a share of a firm before the actual … acquisition takes place. Holding a share in a competing firm before the acquisition of another firm, outsider-toehold, eliminates … the insiders' dilemma, i.e. profitable mergers do not occur. This strategy may thus be more profitable for a buyer than …

Theoretically, cross ownership may mitigate mergers, i.e. market concentrations. Holding a share in a competing firm … before the acquisition of another firm, outsider-toehold, is more profitable in some market constellations, due to the … positive externality on the outsider (competing) firm when a merger occurs. The purposes of this paper are to empirically …

The inability of most bank merger studies to control for hidden bailouts may lead to biased results. In this study, we … employ a unique data set of approximately 1,000 mergers to analyze the determinants of bank mergers. We use data on the … regulatory intervention history to distinguish between distressed and non-distressed mergers. We find that, among merging banks …

. Furthermore, a merger can lead to an equilibrium in which only the high-demand market is served. This is more likely (i) the lower … consumers' transportation costs and (ii) the higher the concentration of the industry. Therefore, merger incentives are much …

the determinants of bank inefficiency 2) Mergers and acquisitions between mutual banks in Italy: an analysis of the … effects on performance and productive efficiency, by Roberto Di Salvo, Maria Carmela Mazzilis, and Andrea Guidi. The second … co-operative credit banks (CCBs), both in terms of overall performance and productive efficiency. The logical development …

This paper looks at the role of both commercial and investment banks in providing merger advisory services. In this … investment banks. In their dual role as lenders and advisors to firms that are the target or the acquirer in a merger, banks can … possible reasons for these different outcomes. First, it is the target firm, not the acquirer, that must be priced in a merger …

In several European merger cases competition authorities have demanded that the merging firm auctions off virtual …