large economies, USA, United Kingdom, Germany, France and Japan. The empirical results show that although the pure NGARCH …

merging firms with control groups of nonmerging firms. The comparisons are made on profitability and sales. The results show … that mergers on average do result in significant increases in profits, but reduce the sales of the merging firms … decrease sales more than horizontal mergers. By separating mergers into those that increase profits and those that reduce them …