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Die wissenschaftliche Aufarbeitung der Merger-Mania. Neue Erkenntnisse fur die Wettbewerbspolitik? (With English summary.)

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  • Tichy, Gunther

Abstract

A survey of empirical studies does not support the theory of corporate control: in general, mergers do not improve profits and so efficiency, abnormal returns on shares are limited to the acquiree--Why don't acquirer's shareholders object to mergers? This study proposes the optimism of the stock market boom, the good assessment of the management by the shareholders, management hubris, and the pressure of the merger industry. It is still necessary to balance possible improvements of efficiency through mergers against a possible reduction in competition. The study concludes with a few proposals to lighten the burden of competition policy. Copyright 1990 by WWZ and Helbing & Lichtenhahn Verlag AG

Suggested Citation

  • Tichy, Gunther, 1990. "Die wissenschaftliche Aufarbeitung der Merger-Mania. Neue Erkenntnisse fur die Wettbewerbspolitik? (With English summary.)," Kyklos, Wiley Blackwell, vol. 43(3), pages 437-471.
    • Handle: RePEc:bla:kyklos:v:43:y:1990:i:3:p:437-71
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    Cited by:

    1. Martin Glaum, 1998. "HGB versus US-GAAP: Die Einstellungen deutscher Führungskräfte zur globalen Harmonisierung der Rechnungslegung," Schmalenbach Journal of Business Research, Springer, vol. 50(4), pages 336-359, April.
    2. Matthias Benz & Marcel Kucher & Alois Stutzer, "undated". "Are Stock Options the Managers' Blessing? Stock Option Compensation and Institutional Controls," IEW - Working Papers 061, Institute for Empirical Research in Economics - University of Zurich.

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