This paper provides empirical evidence on the relationship between cross-border mergers and acquisitions (M&A) and innovation. For the empirical analysis a unique firm-level data set is constructed that combines balance sheet data and an M&A database with information on patent applications....

This paper addresses the question of how the timing of corporate insider trading is related to the level of information asymmetry in a stock price. Our empirical analysis shows that, when buying their firm's shares, corporate insiders are likely to exploit their informational advantage through...

In this paper, we analyse whether bank owners or bank managers were the driving force behind the risks incurred in the wake of the financial crisis of 2007/2008. We show that owner controlled banks had higher profits in the years before the crisis, and incurred larger losses and were more likely...

This paper provides empirical evidence on the relationship between cross-border acquisitions and innovation activities of the acquirer. For the empirical analysis a unique firm-level data set is constructed that combines survey data for German firms with a merger and acquisition database. After...

We study the role of transparency in a novel three-person profit sharing game in which managers and board directors decide on how to distribute the revenues of a company among themselves and shareholders, who are the residual claimants of the companies revenues. We examine two hypotheses. One is...

We estimate the spillovers on firm profitability and market shares in oligopolistic markets through the transition from an n to an n-1 player oligopoly after a merger in the industry. Competitors are identified via the European Commission s market investigations and our methodology allows us to...

We consider a two-stage principal-agent model with limited liability in which a CEO is employed as agent to gather information about suitable merger targets and to manage the merged corporation in case of an acquisition. Our results show that the CEO systematically recommends targets with low...