We empirically investigate the sources, magnitude, and timing of synergy realization for 293 M&As by non-serial listed acquirers in Europe during 1997¨C2005. In contrast to much of the existing literature, we find that the shareholders of non-serial acquirers gain significantly upon deal...

The acquisition price of knowledge-intensive companies in an M&A deal depends largely on the resultant operating synergies, i.e. the potential value knowledge companies can bring to the acquirer’s existing businesses through the combination of both firms’ assets. The value of knowledge...

Gute Klimapolitik muss kosteneffizient sein. Konkret bedeutet das, dass sie Unterschiede bei den Vermeidungskosten ausnutzen muss und dass sie die Vermeidung von Schadstoffen dorthin verlagern muss, wo die Kosten minimal sind. Der Emissionshandel ist ein ideales Instrument dafür. Er erlaubt...

Most bank efficiency studies that use stochastic frontier analysis (SFA) employ each bank's own implicit input price when estimating efficient frontiers. But the theoretical foundation of most studies is a cost minimisation and/ or profit maximisation problem assuming perfect input markets. At...