Narrow search
Showing 1 - 10 of 1,803
Cover Image
Deregulation, Competition and Merger Activity in the U.S. Telecommunications Industry
Okoeguale, Kevin - 2015
shocks drive industry-level clustering of merger activity and “who buys whom?” In the telecom industry, deregulation opened … deregulation was an efficiency-improving restructuring response to increased competition from deregulation and technological change …, and not to increased misvaluation. The economic shocks from deregulation and technological change drive merger activity by …
Persistent link: https://www.econbiz.de/10013036940
Cover Image
Competition, Capital Market Feedback, and Earnings Management : Evidence from Economic Deregulation
Lee, Jongsub - 2016
Using economic deregulation as a quasi-natural experiment for increasing product market competition, we find increases … in earnings manipulation and accounting frauds following deregulation. This “dark-side” of product market competition is …
Persistent link: https://www.econbiz.de/10013007040
Cover Image
Telecommunications Deregulation and Motives for Mergers
Okoeguale, Kevin - 2013
passage of the Telecommunications Act of 1996. The evidence that mergers after telecommunications deregulation generate …
Persistent link: https://www.econbiz.de/10014170109
Cover Image
The influence of leveraged buyouts on target firms' competitors
Grupp, Marcel; Rauch, Christian; Umber, Marc; Walz, Uwe - 2015 - This Version: April 2015
This paper analyzes the influence Leveraged Buyouts (LBOs) have on the operating performance of the LBO target companies' direct competitors. A unique and hand-collected data set on LBOs in the United States in the period 1985-2009 allows us to analyze the effects different restructuring...
Persistent link: https://www.econbiz.de/10010515433
Cover Image
The impact of horizontal mergers on rivals : gains to being left outside a merger
Clougherty, Joseph A.; Duso, Tomaso - 2008
It is commonly perceived that firms do not want to be outsiders to a merger between competitor firms. We instead argue that it is beneficial to be a non-merging rival firm to a large horizontal merger. Using a sample of mergers with expert-identification of relevant rivals and the event-study...
Persistent link: https://www.econbiz.de/10010364303
Cover Image
Bidder contests in international mergers and acquisitions : the impact of toeholds, preemptive bidding, and termination fees ; conference paper
Bessler, Wolfgang; Schneck, Colin; Zimmermann, Jan - 2014 - Current version: January 15, 2014
We study for a sample of international mergers and acquisitions the effectiveness of three takeover bidding strategies first in preventing bidder contests and second, if a contest has occurred, in increasing the probability of a successful offer. Our results indicate that support for the...
Persistent link: https://www.econbiz.de/10010487267
Cover Image
Competition, Concentration and Foreign Capital in the Polish Banking Sector (Prior and During the Financial Crisis)
Pawlowska, Malgorzata - 2012
The aim of the study is to estimate the level of competition and concentration in the Polish banking sector in 1997-2009 (prior the financial crisis and during the crisis). In this paper the Panzar and Rosse model (P-R) and the Lerner index (LI) have been used for the evaluation of competition....
Persistent link: https://www.econbiz.de/10013096327
Cover Image
On the Wealth Effects of Merging Banks’ Rivals Empirical Evidence for US Bank Mergers
Weiss, Gregor N. F. - 2010
Abstract: Using a unique sample of 425 bank mergers in the US announced between 2000 and 2008 this paper provides clear evidence supporting the collusion and productive efficiency hypotheses. By analyzing 425 bank mergers and a total of 1112 possible rivals, our analysis shows that the majority...
Persistent link: https://www.econbiz.de/10013151114
Cover Image
The Paradox of Startup Acquisitions : Eliminating Competition and Creating New Competitors
Kim, J. Daniel - 2020
The past few decades have seen a significant increase in the acquisitions of startups by incumbents. As these acquisitions can enhance the incumbents' market power, they have raised concerns regarding their potential anti-competitive effects. By incorporating a dynamic perspective, this study...
Persistent link: https://www.econbiz.de/10012837926
Cover Image
Entry and Competition in Takeover Auctions
Gentry, Matthew L. - 2018
We estimate the degree of uncertainty faced by potential bidders in takeover auctions and quantify how it affects prices in auctions and negotiations. The high degree of uncertainty revealed by our structural estimation encourages entry in auctions but reduces a target's bargaining power in...
Persistent link: https://www.econbiz.de/10012938019