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Horizontal mergers and exit in declining industries

Filson, Darren; Songsamphant, Bunchon - 2001

Previous work on exit in declining industries has neglected mergers. We examine a simple model that predicts which declining industries experience horizontal mergers. Mergers are more likely if 1) market concentration is high; 2) the inverse demand curve is steep at high levels of output and...

Persistent link: https://www.econbiz.de/10011569023

Acquiring Capacity and Acquiring Behavior of Chinese Firms

Chen, Jianguo; Chi, Jing; Zhu, Shu - In: Journal of Entrepreneurial Finance 12 (2009) 4, pp. 87-104

China's short stock market history has already seen three merger waves, yet little is known of the performance drivers … measure. A larger acquirer size is associated with a larger takeover size, but a lesser target ratio is relative to the size …

Persistent link: https://www.econbiz.de/10010790710

Dissynergies of mergers among local banks

Bloch, Thomas - 2008

banks have a substantial and persistent negative impact on merging banks' revenues. We refer to merger related negative … customers and the temporary distraction of management from day-to-day operations by effecting the merger. For our analyses we … involved in 212 mergers between 1994 and 2006. We find that the negative impact of a merger on net operating revenues amounts …

Persistent link: https://www.econbiz.de/10010332993

The effects of size on local banks' funding costs

Vins, Oliver; Bloch, Thomas - 2008

Motivated by the recent discussion of the declining importance of deposits as banks' major source of funding we investigate which factors determine funding costs at local banks. Using a panel data set of more than 800 German local savings and cooperative banks for the period from 1998 to 2004 we...

Persistent link: https://www.econbiz.de/10010271347

Mergers and acquisitions - the standing of theory in the quest for better institutions and policy

Jensen, Camilla - 2010

The paper shows that the standing of theory in the field of mergers and acquisitions is weak for at least three reasons. Research is best described as a battlefield of ad hoc theory testing leaving behind a fragmented field. Research has focused traditionally on high intensity markets under the...

Persistent link: https://www.econbiz.de/10011430846

Private equity and employees

Olsson, Martin; Tåg, Joacim - 2012

Using linked employer-employee data from Sweden, a difference-in-difference approach, and 201 private equity buyouts undertaken between 1998 and 2004, we show that unemployment risk declines and labor income increases for employees in the wake of a private equity buyout. Unemployment risk...

Persistent link: https://www.econbiz.de/10009530911

Employment effects of acquisitions : evidence from acquired European firms

Oberhofer, Harald - 2010

This paper examines the employment effects of acquisitions for acquired European firms taking non-random selection of acquisition targets explicitly into account. Following the empirical firm growth literature and theories put forward in the mergers and acquisition (M&A) literature we control...

Persistent link: https://www.econbiz.de/10009731774

The (heterogenous) economic effects of private equity buyouts

Davis, Steven J.; Haltiwanger, John C.; Handley, Kyle; … - 2022

The effects of private equity buyouts on employment, productivity, and job reallocation vary tremendously with macroeconomic and credit conditions, across private equity groups, and by type of buyout. We reach this conclusion by examining the most extensive database of U.S. buyouts ever...

Persistent link: https://www.econbiz.de/10013163171

Tapping into Financial Synergies : Alleviating Financial Constraints Through Acquisitions

Williamson, Rohan - 2018

The paper examines whether firms are able to use acquisitions to ease their financial constraints. The results show that acquisitions do ease financing constraints for constrained acquirers. Relative to unconstrained acquires, financially constrained firms are more likely to use undervalued...

Persistent link: https://www.econbiz.de/10012938513

Takeover, Distress, and Equity Issuance : Evidence from Korea

Cho, Euna - 2019

We study the motive and the economic effects of takeover in Korea, which has not been actively studied due to … relation to financial distress, and that some companies tend to be targeted repeatedly. However, after the takeover, the …

Persistent link: https://www.econbiz.de/10012867437