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Building and blocking : the two faces of technology acquisition
Grimpe, Christoph; Hussinger, Katrin - 2008
Gaining access to technological assets and patents, in particular, has long been a major motive and objective for firm acquisitions. On the one hand, patents are used as a building instrument for the acquirer's technology portfolio. On the other hand, patents can be attractive because of their...
Persistent link: https://www.econbiz.de/10003810464
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What do premiums paid for bank M&As reflect? : the case of the European Union
Hagendorff, Jens; Hernando, Ignacio; Nieto, María J.; … - 2010
We analyze the takeover premiums paid for a sample of European bank mergers between 1997 and 2007. We find that … supervision and of deposit insurance regimes in Europe has measurable effects on takeover pricing. Stricter bank regulatory … regimes and stronger deposit insurance schemes lower the takeover premiums paid by acquiring banks. This result, presumably in …
Persistent link: https://www.econbiz.de/10008664119
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Europe integrates less than you think : evidence from the market for corporate control in Europe and the US
Umber, Marc; Grote, Michael H.; Frey, Rainer - 2010
National borders are still strong barriers for mergers and acquisitions in Europe. We estimate a gravity equation model based on NUTS 2-regions and find that the restraining impact of national borders decreased by about a third between 1990 and 2007. However, there has been no significant change...
Persistent link: https://www.econbiz.de/10008697426
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European takeover law : the case for a neutral approach
Enriques, Luca - 2010
This paper argues that in revising the Takeover Bid Directive, EU policymakers should adopt a neutral approach toward … kind. Unfortunately, takeover rules cannot be crafted so as to hinder all the bad takeovers while at the same time … current EC legal framework for takeovers overall hinders takeover activity in the EU, the paper identifies three rationales …
Persistent link: https://www.econbiz.de/10008728815
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The discontinuous integration of Western Europe’s heterogeneous market for corporate control from 1995 to 2007
Frey, Rainer - 2010
As, in Europe, many institutional reforms have been undertaken to establish an economic union, it can be expected that the relevance of borders has decreased over time. For the EU 15, we investigate the expected integration process of the market for corporate control – an illustrative market...
Persistent link: https://www.econbiz.de/10003986833
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The wage premium of globalization : evidence from European mergers and acquisitions
Oberhofer, Harald; Stöckl, Matthias; Winner, Hannes - 2012
We provide evidence on the impact of globalization on labor market outcomes analyzing pay differences between foreign-acquired and domestically-owned firms. For this purpose, we use firm level data from 16 European countries over the time period 1999 to 2006. Applying propensity score matching...
Persistent link: https://www.econbiz.de/10009731061
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Employment effects of acquisitions : evidence from acquired European firms
Oberhofer, Harald - 2010
This paper examines the employment effects of acquisitions for acquired European firms taking non-random selection of acquisition targets explicitly into account. Following the empirical firm growth literature and theories put forward in the mergers and acquisition (M&A) literature we control...
Persistent link: https://www.econbiz.de/10009731774
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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
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A note on merger and acquisition evaluation
Furlan, Benjamin; Oberhofer, Harald; Winner, Hannes - 2014
This note proposes the continuous treatment approach as a valuable alternative to propensity score matching for evaluating economic effects of merger and acquisitions (M&A). This framework allows to consider the variation in treatment intensities explicitly, and it does not call for the...
Persistent link: https://www.econbiz.de/10010254298
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Cross-border M&As and eco-environmental performance of European energy utilities
Monastyrenko, Evgenii - 2016
European electricity industry has recently come through liberalization. Surge of intakes with high share of cross-border deals was market players’ response. Measuring of post-merger performance alterations is a central question of M&A literature. EU energy sector is responsible for significant...
Persistent link: https://www.econbiz.de/10011446313