that it is beneficial to be a non-merging rival firm to a large horizontal merger. Using a sample of mergers with expert …It is commonly perceived that firms do not want to be outsiders to a merger between competitor firms. We instead argue … merger announcement date. Further, we find that the stock reaction of rivals to merger events is not sensitive to merger …

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 …

returns. Our results cast doubt on the usefulness of announcement returns as a measure of the value created in acquisitions …

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 …

This paper analyzes the characteristics that make a bank more likely to engage in merger activity either as an acquirer … or a target using a sample between the years 1995 and 2019. We first examine the bank merger characteristics during the … different characteristics make a bank more likely to be involved in a merger before, during, and after the 2008 financial crisis …

We find that stricter merger control legislation increases abnormal announcement returns of targets in bank mergers by … other banks. Other merger properties, including the size and risk profile of targets, the geographic overlap of merging … banks and the stock market response of rivals appear unaffected. The evidence suggests that the strengthening of merger …

This paper studies the bilateral drivers of mergers and acquisitions (M&As) between European banks. Two findings … document that banks use M&A as a device to leverage their expertise rather than to diversify. (i) Following the literature on … matrimonial matching by using a binary logit model, the paper examines how the structure of acquiring banks in terms of …

1984 and 2015 on acquiring insurers' default risk. By employing Merton's distance to default, we show that mergers increase … risk on average. This effect is particularly pronounced for pre-merger low-risk insurers and reinsurers. As Solvency II … generally aims to enhance the soundness of the insurance sector and its firms, policymakers should be aware of this merger …

German banks experienced a merger wave throughout the 1990s. However, the success of bank mergers remains a continuous … CE levels above the average of non-merging banks. Second, banks must exhibit CE changes between merger and evaluation … year above efficiency changes of non-merging banks. We employ this taxonomy to characterise (successful) mergers in terms …