We build on agency and strategy literature to investigate and explain whether and how changes in stock returns are related to key managerial decisions by firms that are consistent and supportive of the firm’s strategy in different industry concentrations. Unlike previous work, our study...

The Influence of Industry Concentration on Merger Motives -- Corporate Relatedness and Wealth Creation in Machinery Mergers -- Horizontal acquisitions, merger rents, and non-price competition - a case study from the machinery industry -- Concluding remarks