order to reduce her agency costs. Whenever this incentive effect dominates the well-known direct synergy effect, synergies …

Managers frequently project high synergistic gains when announcing M&As. This paper analyzes when promised synergies … are value-relevant. Using text analytical methods, we only find a positive relationship between synergy projections and …

a dynamic capability-based synergy in M&A deals remains a challenge. This paper draws on real options theory to explore … some of these benefits and limits to value a synergy in two highly strategic M&A deals. More specifically, the author …

the antecedents of synergy in the merger and acquisition processes. The valuation of reciprocal synergies with real …