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In this paper, we analyse the final decisions for merger cases prepared by the European Commission (EC) since 1990 and … build a unique subsample for all non-cleared cases. These incorporate all merger notifications which were either withdrawn …
Persistent link: https://www.econbiz.de/10012304413
There are legal grounds to hear competitors in merger control proceedings, and competitor involvement has gained … of competitor involvement in EU merger cases and give an overview of the legal discussion in the EU and US …
Persistent link: https://www.econbiz.de/10012904429
The paper provides new evidence on proxy indicators of market power for major European countries. The data shows moderately increasing average industry concentration over the last two decades, a considerably increasing proportion of high concentration industries, and an overall tendency towards...
Persistent link: https://www.econbiz.de/10013166348
concentrations during the period 1990-2002 to assess the effectiveness of European merger control. We analyze the economic effects of … the European Commission's merger control decisions and distinguish between prohibitions, clearances with commitments … quantify the profitability effects of mergers and merger control decisions. The basic idea is to relate announcement and …
Persistent link: https://www.econbiz.de/10014056772
Common ownership fundamentally upsets the well-settled merger enforcement ecosystem. Not only it challenges basic … principles informing merger policy such as the presumed profitability of mergers for the merging firms and the merger …-specificity of potential efficiencies but also it works against implementing tools and presumptions in merger practice such as …
Persistent link: https://www.econbiz.de/10013234688
This article identifies certain problems faced by parties to transnational merger transactions in view of the global … proliferation in recent years of competition (and, specifically, merger review) laws. After considering the pros and cons of merger … supranational competition authority under the aegis of the World Trade Organization. While rejecting the WTO as institutionally and …
Persistent link: https://www.econbiz.de/10013159996
their post-merger survival. SPACs are unique financial firms that conduct the IPO with the solely purpose to use the … determining post-merger outcomes of new company, specifically when it comes to their suvival/failure. Namely, increases in pre-merger … commitment by SPAC stakeholders and initial positive market performance increase post-merger survival likelihood. On the contrary …
Persistent link: https://www.econbiz.de/10011567362
There is a widespread belief among observers that a lower premium is paid when the target CEO is retained by the acquirer in a private equity deal because the CEO's potential conflicts of interest leads her to negotiate less aggressively on behalf of the target shareholders. Our empirical...
Persistent link: https://www.econbiz.de/10011963282
issues such as the nature of aggregate merger activity (merger waves), market valuation effects of merger announcements (the … stock price performance of bidder and target firms), and the nature of the sources of merger gains in the context of … a review of actual takeover premiums and their determinants. It then showcases recent empirical contributions on topics …
Persistent link: https://www.econbiz.de/10008906523
We open the black box of the M&A decision process by constructing a comprehensive sample of US firms with specialized M&A staff. We investigate whether specialized M&A staff improves acquisition performance or facilitates managerial empire building instead. We find that firms with specialized...
Persistent link: https://www.econbiz.de/10012584268