announcements of takeover rumors that do not materialize. Such speculative news may hurt productivity because uncertainty and threat … effects of speculative financial news and the costs of takeover threats. …

This paper presents some ideas about determinants of merger waves and some evidence on their effect on profitability … responsible for the latest wave. The impact of merger activities on profitability and employment growth are studied by using the …

to large increases in market value (5.4 percent), firm profitability, and long-term performance. In contrast, we find …

: profitability and labor productivity increase, while overheads and investment fall. In contrast, we find limited effects on pay …

of targets, bidders, and their peers upon takeover announcement, and closing or withdrawal. We distinguish five common M …

This paper empirically evaluates two possible sources of large takeover premiums: preemptive bidding and target … resistance. We develop an auction model that features costly sequential entry of bidders in takeover contests and that … in the period 1988-2006. We find that target resistance is the main determinant of takeover premiums in 74% of successful …