Largely constant average acquirer returns over the past four decades mask fundamental changes in the takeover market … the 1980s. Offsetting this increase, the average bidder-specific component has declined. We propose a theory of bidder …-specific synergies to help interpret these opposing trends. In our theory and in the data, acquirer returns increase with the extent to …

This paper presents some ideas about determinants of merger waves and some evidence on their effect on profitability … and employment. A brief survey of previous merger waves and an analysis of the recent one give support to the hypothesis … that sectoral shocks are at the root of merger waves. Deregulation and globalization are identified as the shocks …

post-merger efficiency improvements to reveal a new margin of adjustment along the product dimension. We analyze horizontal … between differentiated varieties. After a merger, acquirers drop products from their consolidated domestic product portfolio … and reallocate assets towards core varieties. We further demonstrate that such merger-induced efficiency gains imply …

deals can be regarded as demand complementary deals. We find a higher propensity of merger deals and larger merger returns …

We study how agglomeration forces influence the post-merger restructuring of the combined firm through the channel of … cities when (co)agglomeration benefits are high. This holds for both horizontal and vertical mergers. When examining the post-merger …

profit maximization of merging firms in differentiated product industries. Using pre- and post-merger industry data, I am … Post-Nabisco merger. My results show an increasing degree of joint profit maximization of the merged entities over the … first two years after the merger, eventually leading to almost full maximization of joint profits. I find that between 9 …

1999 to 2006. Applying propensity score matching techniques we estimate positive wage premia of cross-boarder merger and …