This paper presents some ideas about determinants of merger waves and some evidence on their effect on profitability … responsible for the latest wave. The impact of merger activities on profitability and employment growth are studied by using the …

This paper empirically evaluates two possible sources of large takeover premiums: preemptive bidding and target … resistance. We develop an auction model that features costly sequential entry of bidders in takeover contests and that … in the period 1988-2006. We find that target resistance is the main determinant of takeover premiums in 74% of successful …

control in Japan based on the premiums paid relative to the post-deal stock prices.The research finds that the estimated value … of private benefits gained through TOB deals in Japan has been positive (the average value was 12.7% and the median value … management of the acquiring company (new management team) and the estimated value of private benefits. It was also confirmed (6 …

announcement events. Takeover announcements are not random because managers decide rationally whether to bid or not, this indicates …

lower firm value, lower accounting profitability, higher leverage, higher dividend payouts, and a stronger propensity to be …