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This paper explains why consolidation acquisitions occur in waves and it predicts the differing role each firm is … initial acquisition triggers a wave of follow-on acquisitions, where the process of asset accumulation by the consolidator is … accelerated since the value of follow-on acquisitions is enhanced by the more concentrated industry structure. An initial …
Persistent link: https://www.econbiz.de/10011372521
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
building instead. We find that firms with specialized M&A staff make better acquisitions when acquisition performance is … earnings forecasts. This effect does not hold when the CEO is powerful, overconfident, or entrenched. Acquisitions by firms …
Persistent link: https://www.econbiz.de/10012584268
to identify the effects of prohibiting start-up acquisitions. We differentiate between killer acquisitions (when the … incumbent does not commercialize the acquired start-up's technology) and acquisitions with commercialization. A restrictive …
Persistent link: https://www.econbiz.de/10012438192
One of the key processes that business leaders are using to grow their organizations is mergers and acquisitions (M …
Persistent link: https://www.econbiz.de/10012286798
returns. Our results cast doubt on the usefulness of announcement returns as a measure of the value created in acquisitions …
Persistent link: https://www.econbiz.de/10012263196
to identify the effects of prohibiting start-up acquisitions. We differentiate between killer acquisitions (when the … incumbent does not commercialize the acquired start-up's technology) and acquisitions with commercialization. A restrictive …
Persistent link: https://www.econbiz.de/10012165650
-performing loans, the reduction of banks operating in Greece due to mergers and acquisitions, bank bankruptcy and withdrawal of foreign …
Persistent link: https://www.econbiz.de/10012153561
We study the bond price reaction of a merged firms peers, in order to better understand how the market responds to a restructuring. We argue that a merger announcement may signal the possibility of a merger wave to the industry, and in doing so, increase the conditional probability that peer...
Persistent link: https://www.econbiz.de/10012534527
We examine the valuation of synergies and control in mergers and acquisitions (M&A) in Central and Eastern European … from the Thomson Reuters database. Worldwide the market of mergers and acquisitions (M&A) is increasing, reaching in 2016 a …
Persistent link: https://www.econbiz.de/10011820232