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In this study, we use firm-level data from the 1993 National Survey of Small Business Finances to test the hypothesis that banking consolidation has reduced the availability of credit to small businesses. We find that banks in markets where mergers have occurred are more likely than other banks...
Persistent link: https://www.econbiz.de/10005836119
Verkaufsanstrengungen auf alle Produkte verteilen („Kollusion“) oder ob sie die Anzahl ihrer Produkte reduzieren („Fusion“). Wir zeigen, daß …, in denen Kooperation in Form von „Kollusion“ oder „Fusion“ für die kooperierenden Unternehmen profitabel ist. …
Persistent link: https://www.econbiz.de/10009367922
Unternehmen vor der Fusion. Wir zeigen in dieser Arbeit, dass horizontale Fusion von Unternehmen aus diesen Gründen profitabel für … die fusionierenden Unternehmen und wohlfahrtserhöhend wirken kann, selbst dann, wenn es durch die Fusion keinerlei … verbesserte Informationsfluss zwischen Unternehmensteilen des durch die Fusion entstehenden Konzerns im Vergleich zum …
Persistent link: https://www.econbiz.de/10009370662
(VF)À partir du cas d’une fusion entre une grande entreprise et une start-up dans le secteur des TIC, cet article met … amené les dirigeants à opter pour un troisième modèle de type symbiotique (phase 3). (VA)This article explores the merger of …
Persistent link: https://www.econbiz.de/10005042534
In this study, we examine unsuccessful takeover attempts for new evidence on whether mergers create or destroy value … literature on signaling by investigating whether a takeover attempt signals investors about the quality of firm management as … partially, but not completely, reversed by termination announcement returns, evidence that the merger proposal itself contains …
Persistent link: https://www.econbiz.de/10005837001
China's short stock market history has already seen three merger waves, yet little is known of the performance drivers … measure. A larger acquirer size is associated with a larger takeover size, but a lesser target ratio is relative to the size …
Persistent link: https://www.econbiz.de/10010790710
Dennis Mueller's paper raises a puzzle. Economies of scale and market power do not explain the very large size of firms in the oil and gas industry. At the same time, managers of large cash-rich firms are tempted to invest in substandard projects and firms, e.g. via mergers. This should spell...
Persistent link: https://www.econbiz.de/10010691793
, accounting rates of return are unreliable measures of post-merger perfor Mance, and introduce bias into the results of post-merger …
Persistent link: https://www.econbiz.de/10010769537
The phenomena of IPO underpricing and underperformance are examined in the same rational model. In this model, underpricing is caused by the presence of uninformed investors. Low-type firms carry out an IPO under the same conditions as high-type firms. Instead of investing by themselves, the...
Persistent link: https://www.econbiz.de/10010937183
This paper presents a model of takeover incentives in an oligopolistic industry, which,in contrast to previous … Bertrand competition if products are substitutes. Moreover, asproducts become closer substitutes, a takeover becomes more … Untersuchungen - sowohl die Gewinnzuwächse der an der Fusion beteiligten Firmen als auch die Gewinnveränderungen der …
Persistent link: https://www.econbiz.de/10005772946