comparable firms. We develop a theory of buyouts in oligopolistic markets that explains these facts. Private equity firms are … more aggressive in inducing restructuring compared to incumbents since they maximize a trade sale price. The equilibrium … trade sale price increases in restructuring not only by increasing the profit of the acquirer, but also by decreasing the …

market. Using this model we are able to derive a counterfactual scenario, considering the pre-merger market equilibrium … together with the post-merger environment. The counterfactual analysis makes possible to take into account changes in market …

This paper explains why consolidation acquisitions occur in waves and it predicts the differing role each firm is … likely to play in the consolidation game. We propose that whether a firm assumes the role of rival consolidator, target, or … consolidation can trigger a consolidating acquisition by a rival in a remote market segment, while some firms prefer to be a target …

to opt in the more or less long term, to consolidation strategies with, in particular, European stock exchanges. …

's ability to rationalize production is even more limited if costs are private information to firms. Merger in such markets …

that a downstream merger (which gives the downstream monopolist all the bargaining power) is more welfare detrimental than … an upstream merger (which gives the bargaining power to the upstream monopolist). We also show that downstream and …

We consider a setting in which two potential merger partners each possess private information pertaining both to the …-post regret an unavoidable phenomenon in merger negotiations. To this end, we consider ex-post mechanisms, which use both players …’ reports to determine whether or not a merger will take place and what each player will earn in each case. When the outside …

better performance are not correlated, though restructuring is positively associated with the competitiveness of the market … only limited evidence that financially unconstrained firms are better in their undertaking of restructuring measures then … financially constrained firms. Further analysis suggests that causality runs from restructuring to financial constraint, rather …