This paper applies a real option framework to suggest that the takeover premia in mergers and acquisitions can be … findings show that pre-bid ownership reduces the takeover premia, which is consistent with the argument that pre-bid ownership … reduces in- formation asymmetry. However, we find that the takeover premia is higher when both the acquirer and target firms …

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 …

Using merger documents filed with the SEC from 1994 to 2018, we show that being selected by investment banks as …’ informational advantage as well as their ability to facilitate future takeover transactions, appear to contribute to peers … merger filings. A portfolio that longs peers and shorts non-peers matched for industry and size earns up to 15.6% alpha in …

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 … growth). The deficiencies in the standing of theory will be reflected in weak institutions to handle the political processes …

transition from an n to an n-1 player oligopoly after a merger. Competitors are identified via the European Commission's market … investigations and our methodology allows us to distinguish the externality due to the change in market structure from the merger …

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 …

By means of a company merger formerly legally and economically independent companies are tied up to an economic entity …. To order the financial state of affairs after the merger, the current shareholders must revalue their stake in the merged … to define an ideal exchange ratio, the valuation problem of a merger was taken up again not earlier than in Hering (2004 …