Using a sample of 167 mergers during the period 1990-2002 involving 544 firms either as merging firms or competitors …, we contrast a measure of the merger's profitability based on event studies with one based on accounting data. We find … case of anticompetitive mergers. …

This paper presents some ideas about determinants of merger waves and some evidence on their effect on profitability … and employment. A brief survey of previous merger waves and an analysis of the recent one give support to the hypothesis … that sectoral shocks are at the root of merger waves. Deregulation and globalization are identified as the shocks …

merger targets between 1990 and 2009. We use different matching techniques to construct separate control groups for acquirers … and targets and use appropriate difference-in-difference estimation methods to single out the causal effect of mergers on … R&D growth and intensity. We find that target firms substantially decrease their R&D efforts after a merger, while the R …

243 mergers, we analyze motives for and cost effects of small-scale mergers in German banking. Estimating a frontier cost … function with a timevariable stochastic efficiency term we show that positive scale and scope effects from a merger arise only … if the merged unit closes part of the former branch network. When we compare actual mergers to a simulation of …