of targets, bidders, and their peers upon takeover announcement, and closing or withdrawal. We distinguish five common M … investors believe in gains through the exploitation of market power by the post-merger entity. In a multinomial logistic model …

by comparing the abnormal returns of acquirers, targets, and the two combined in vertical and horizontal mergers that … similar between vertical and horizontal mergers, but the gains to targets relative to acquirers were far higher in vertical ….24% of the dollar abnormal return) on the bargaining position of targets. In contrast, acquirers gain 0.45% and 0.39% of the …