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Why Mergers Reduce Profits And Raise Share Prices-A Theory Of Preemptive Mergers

Citations

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Cited by:

  1. Jeremiah Harris & Ralph Siebert, 2015. "Driven by the Discount Factor: Impact of Mergers on Market Performance in the Semiconductor Industry," CESifo Working Paper Series 5199, CESifo.
  2. Stefania Borla, "undated". "Profitability of Horizontal Mergers with Price Interdependencies," Discussion Papers 04/13, Department of Economics, University of York.
  3. Roberto Burguet & Ramon Caminal, 2015. "Bargaining Failures And Merger Policy," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 56(3), pages 1019-1041, August.
  4. Gugler, Klaus & Szücs, Florian, 2016. "Merger externalities in oligopolistic markets," International Journal of Industrial Organization, Elsevier, vol. 47(C), pages 230-254.
  5. Horn, Henrik & Persson, Lars, 2001. "Endogenous mergers in concentrated markets," International Journal of Industrial Organization, Elsevier, vol. 19(8), pages 1213-1244, September.
  6. John García & Francesc Trillas, 2011. "Control corporativo y riqueza de los accionistas en el sector eléctrico europeo (2000-2007)," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, vol. 13(25), pages 297-319, July-Dece.
  7. Ivaldi, Marc & Motis, Jrissy, 2007. "Mergers as Auctions," CEPR Discussion Papers 6434, C.E.P.R. Discussion Papers.
  8. Gudmundsson, Sveinn Vidar & Merkert, Rico & Redondi, Renato, 2020. "Cost structure effects of horizontal airline mergers and acquisitions," Transport Policy, Elsevier, vol. 99(C), pages 136-144.
  9. Joseph A. Clougherty & Tomaso Duso, 2010. "Using Rival Effects to Identify Synergies and Improve Merger Typologies," CIG Working Papers SP II 2010-13, Wissenschaftszentrum Berlin (WZB), Research Unit: Competition and Innovation (CIG).
  10. Yao Zhiyong & Zhou Wen, 2015. "Vertical or Horizontal: Endogenous Merger Waves in Vertically Related Industries," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 15(3), pages 1237-1262, July.
  11. Norback, Pehr-Johan & Persson, Lars, 2007. "Investment liberalization -- Why a restrictive cross-border merger policy can be counterproductive," Journal of International Economics, Elsevier, vol. 72(2), pages 366-380, July.
  12. Seldeslachts, Jo & Clougherty, Joseph A. & Barros, Pedro Pita, 2007. "Remedy for Now but Prohibit for Tomorrow: The Deterrence Effects of Merger Policy Tools," Discussion Paper Series of SFB/TR 15 Governance and the Efficiency of Economic Systems 218, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich.
  13. Marco Pagnozzi & Antonio Rosato, 2014. "Entry by Takeover: Auctions vs. Negotiations," CSEF Working Papers 353, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
  14. Albert Banal-Estañol & Ines Macho-Stadler & Jo Seldeslachts, 2003. "Mergers, Investment Decisions and Internal Organisation," CESifo Working Paper Series 944, CESifo.
  15. Norbäck, Pehr-Johan & Persson, Lars & Tåg, Joacim, 2018. "Threatening to buy: Private equity buyouts and antitrust policy," Economics Letters, Elsevier, vol. 164(C), pages 31-34.
  16. Walter Ferrarese, 2020. "When Multiple Merged Entities Lead in Stackelberg Oligopolies," Review of Industrial Organization, Springer;The Industrial Organization Society, vol. 56(1), pages 131-142, February.
  17. Lars Calmfors & Giancarlo Corsetti & Seppo Honkapohja & Gilles Saint-Paul & Hans-Werner Sinn & John Kay & Jan-Egbert Sturm & Xavier Vives, 2006. "Chapter 5: Mergers and Competition Policy in Europe," EEAG Report on the European Economy, CESifo, vol. 0, pages 101-116, March.
  18. Oliver Budzinski & Jürgen-Peter Kretschmer, 2016. "Implications of Unprofitable Horizontal Mergers: A Positive External Effect Does Not Suffice To Clear A Merger!," Contemporary Economics, University of Economics and Human Sciences in Warsaw., vol. 10(1), March.
  19. Duso, Tomaso & Gugler, Klaus & Yurtoglu, Burcin B., 2011. "How effective is European merger control?," European Economic Review, Elsevier, vol. 55(7), pages 980-1006.
  20. Sven-Olof Fridolfsson & Johan Stennek, 2005. "Why Mergers Reduce Profits And Raise Share Prices-A Theory Of Preemptive Mergers," Journal of the European Economic Association, MIT Press, vol. 3(5), pages 1083-1104, September.
  21. Thomas Giebe & Miyu Lee, 2020. "Competitors in merger control: Shall they be merely heard or also listened to?," European Journal of Law and Economics, Springer, vol. 49(3), pages 431-453, June.
  22. Gugler, Klaus & Szücs, Florian, 2013. "Spillover effects in oligopolistic markets," VfS Annual Conference 2013 (Duesseldorf): Competition Policy and Regulation in a Global Economic Order 79905, Verein für Socialpolitik / German Economic Association.
  23. Lars-Hendrik Röller & Johan Stennek & Frank Verboven, 2006. "Efficiency Gains from Mergers," Chapters, in: Fabienne IIzkovitz & Roderick Meiklejohn (ed.), European Merger Control, chapter 3, Edward Elgar Publishing.
  24. Steven Brakman & Harry Garretsen & Charles van Marrewijk & Charles van Marrewijk, 2006. "Cross-Border Mergers & Acquisitions: The Facts as a Guide for International Economics," CESifo Working Paper Series 1823, CESifo.
  25. Steffen Huck & Kai A. Konrad & Wieland Müller & Hans-Theo Normann, 2007. "The Merger Paradox and why Aspiration Levels Let it Fail in the Laboratory," Economic Journal, Royal Economic Society, vol. 117(522), pages 1073-1095, July.
  26. Tomaso Duso & Damien J. Neven & Lars-Hendrik Röller, 2007. "The Political Economy of European Merger Control: Evidence using Stock Market Data," Journal of Law and Economics, University of Chicago Press, vol. 50(3), pages 455-489.
  27. Persson, Lars & Norbäck, Pehr-Johan, 2002. "Investment Liberalization - Who Benefits from Cross Border Mergers," CEPR Discussion Papers 3166, C.E.P.R. Discussion Papers.
  28. Inderst, Roman & Wey, Christian, 2004. "The incentives for takeover in oligopoly," International Journal of Industrial Organization, Elsevier, vol. 22(8-9), pages 1067-1089, November.
  29. Jrisy Motis, 2007. "Mergers and Acquisitions Motives," Working Papers 0730, University of Crete, Department of Economics.
  30. Baomin Dong & Frank Wang, 2014. "A pre-emption model of mergers," Journal of Economics, Springer, vol. 113(2), pages 187-204, October.
  31. Oh, Seungjoon, 2018. "Fire-sale acquisitions and intra-industry contagion," Journal of Corporate Finance, Elsevier, vol. 50(C), pages 265-293.
  32. Rafael Moner Colonques & Ricardo Flores Fillol, 2006. "Strategic Effects Of Airline Alliances," Working Papers. Serie AD 2006-06, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
  33. Olivier Bertrand & Katariina Nilsson Hakkala & Pehr-Johan Norbäck & Lars Persson, 2012. "Should countries block foreign takeovers of R&D champions and promote greenfield entry?," Canadian Journal of Economics, Canadian Economics Association, vol. 45(3), pages 1083-1124, August.
  34. Stöhr, Annika, 2021. "Price effects of horizontal mergers: A retrospective on retrospectives," Ilmenau Economics Discussion Papers 151, Ilmenau University of Technology, Institute of Economics.
  35. Roberto Burguet and Ramon Caminal, 2010. "Simultaneous Nash Bargaining with Consistent Beliefs," Working Papers 521, Barcelona School of Economics.
  36. Yasuhiko Nakamura, 2011. "Strategic managerial delegation and cross-border mergers," Journal of Economics, Springer, vol. 104(1), pages 49-89, September.
  37. Granier, Laurent & Podesta, Marion, 2010. "Bundling and Mergers in Energy Markets," Energy Economics, Elsevier, vol. 32(6), pages 1316-1324, November.
  38. Burguet, Roberto & Caminal, Ramon, 2020. "Coalitional bargaining with consistent counterfactuals," Journal of Economic Theory, Elsevier, vol. 187(C).
  39. Toxvaerd, Flavio, 2008. "Strategic merger waves: A theory of musical chairs," Journal of Economic Theory, Elsevier, vol. 140(1), pages 1-26, May.
  40. Albert Banal‐Estañol & Paul Heidhues & Rainer Nitsche & Jo Seldeslachts, 2010. "Screening And Merger Activity," Journal of Industrial Economics, Wiley Blackwell, vol. 58(4), pages 794-817, December.
  41. Kastrinaki, Zafeira & Stoneman, Paul, 2012. "The drivers of merger waves," Economics Letters, Elsevier, vol. 117(2), pages 493-495.
  42. Sven‐Olof Fridolfsson & Johan Stennek, 2010. "Industry Concentration and Welfare: On the Use of Stock Market Evidence from Horizontal Mergers," Economica, London School of Economics and Political Science, vol. 77(308), pages 734-750, October.
  43. Brito, Duarte, 2003. "Preemptive mergers under spatial competition," International Journal of Industrial Organization, Elsevier, vol. 21(10), pages 1601-1622, December.
  44. Mahelet G. Fikru & Sajal Lahiri, 2013. "Can a Merger Take Place among Symmetric Firms?," Studies in Microeconomics, , vol. 1(2), pages 155-162, December.
  45. Steven Brakman & Harry Garretsen & Charles van Marrewijk & Charles van Marrewijk, 2005. "Cross-Border Mergers and Acquisitions: On Revealed Comparative Advantage and Merger Waves," CESifo Working Paper Series 1602, CESifo.
  46. Lars Calmfors & Giancarlo Corsetti & Seppo Honkapohja & John Kay & Gilles Saint-Paul & Hans-Werner Sinn & Jan-Egbert Sturm & Xavier Vives, 2006. "EEAG European Economic Advisory Group at CESifo: Report on the European Economy 2006," EEAG Report on the European Economy, CESifo, vol. 0, pages 1-120, March.
  47. André Betzer & Markus Doumet & Marc Goergen, 2015. "Disentangling the link between stock and accounting performance in acquisitions," The European Journal of Finance, Taylor & Francis Journals, vol. 21(9), pages 755-771, July.
  48. Markus Dertwinkel-Kalt & Christian Wey, 2021. "Evidence Production in Merger Control: The Role of Remedies," Review of Industrial Organization, Springer;The Industrial Organization Society, vol. 59(1), pages 1-12, August.
  49. Fikru, Mahelet G., 2016. "Modelling mergers among polluting firms when environmental policy is endogenous," Economic Analysis and Policy, Elsevier, vol. 49(C), pages 1-6.
  50. Jozsef Molnar, 2002. "Preemptive Horizontal Mergers: Theory and Evidence," CERS-IE WORKING PAPERS 0213, Institute of Economics, Centre for Economic and Regional Studies.
  51. Rosato, Antonio, 2008. "“Matching Auctions” for Hostile Takeovers: A Model with Endogenous Target," MPRA Paper 15083, University Library of Munich, Germany, revised 07 Jan 2009.
  52. Mahelet G. Fikru, 2013. "Environmental Policies, Mergers and Welfare," Economía Mexicana NUEVA ÉPOCA, CIDE, División de Economía, vol. 0(2), pages 449-461, July-Dece.
  53. Johan Stennek, 2006. "A new perspective on mergers and acquisitions: Evidence explained, policies prescribed," CESifo Forum, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 7(01), pages 3-8, April.
  54. Fumagalli, Eileen & Vasconcelos, Helder, 2009. "Sequential cross-border mergers," International Journal of Industrial Organization, Elsevier, vol. 27(2), pages 175-187, March.
  55. Borja Mesa-Sánchez, 2017. "Preemptive Mergers in a Vertically Differentiated Unionized Oligopoly," Manchester School, University of Manchester, vol. 85(5), pages 511-540, September.
  56. Norbäck, Pehr-Johan & Persson, Lars, 2019. "Stock market impact of cross-border acquisitions in emerging markets," The North American Journal of Economics and Finance, Elsevier, vol. 48(C), pages 346-363.
  57. Friberg, Richard & Norbäck, Pehr-Johan & Persson, Lars, 2008. "Getting a Better Price: Strategic Behaviour before Changes in Ownership of Corporate Assets," Working Paper Series 777, Research Institute of Industrial Economics.
  58. Albert Banal‐Estañol & Jo Seldeslachts, 2011. "Merger Failures," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 20(2), pages 589-624, June.
  59. Albert Banal-Estañol & Paul Heidhues & Rainer Nitsche & Jo Seldeslachts, 2006. "Merger Clusters during Economic Booms," CIG Working Papers SP II 2006-17, Wissenschaftszentrum Berlin (WZB), Research Unit: Competition and Innovation (CIG).
  60. Banal-Estanol, A. & Heidhues, P., 2006. "Merged clusters during economic booms," Working Papers 06/07, Department of Economics, City University London.
  61. Norbäck, Pehr-Johan & Persson, Lars & Tåg, Joacim, 2010. "Buying to Sell: A Theory of Buyouts," Working Paper Series 817, Research Institute of Industrial Economics.
  62. Zhou, Wen, 2008. "Endogenous horizontal mergers under cost uncertainty," International Journal of Industrial Organization, Elsevier, vol. 26(4), pages 903-912, July.
  63. Pagnozzi, Marco & Rosato, Antonio, 2016. "Entry by takeover: Auctions vs. bilateral negotiations," International Journal of Industrial Organization, Elsevier, vol. 44(C), pages 68-84.
  64. James Gaisford & Stefan Lutz, 2007. "A Multi-Product Framework Generating Waves of Mergers and Divestitures," ICER Working Papers 36-2007, ICER - International Centre for Economic Research.
  65. Marco Bellucci, 2010. "Fusioni ed acquisizioni: determinanti ed effetti in un confronto europeo," Quaderni del Dipartimento di Economia, Finanza e Statistica 80/2010, Università di Perugia, Dipartimento Economia.
  66. Aron Berg & Pehr-Johan Norbäck & Lars Persson, 2017. "Cross-border mergers & acquisitions with financially constrained owners," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 153(3), pages 433-456, August.
  67. Berg, Aron & Norbäck, Pehr-Johan & Persson, Lars, 2012. "International Mergers with Financially Constrained Owners," Working Paper Series 927, Research Institute of Industrial Economics.
  68. Kamerbeek, S.P., 2009. "Merger Performance and Efficiencies in Horizontal Merger Policy in the US and the EU," MPRA Paper 18064, University Library of Munich, Germany.
  69. repec:zbw:bofrdp:2007_017 is not listed on IDEAS
  70. Escrihuela-Villar Marc & Ferrarese Walter, 2019. "Horizontal Mergers in a Dynamic Cournot Market: Solving the Free Riding Issue Without Efficiency Gains," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 19(4), pages 1-14, October.
  71. Fridolfsson, Sven-Olof & Stennek, Johan, 2005. "Hold-up of anti-competitive mergers," International Journal of Industrial Organization, Elsevier, vol. 23(9-10), pages 753-775, December.
  72. Budzinski, Oliver & Kretschmer, Jürgen-Peter, 2015. "Unprofitable horizontal mergers, external effects, and welfare," Ilmenau Economics Discussion Papers 96, Ilmenau University of Technology, Institute of Economics.
  73. Luca Colombo & Gilberto Turati, 2008. "The Role of the Local Business Environment in Banking Consolidation," DISCE - Quaderni dell'Istituto di Economia e Finanza ief0076, Università Cattolica del Sacro Cuore, Dipartimenti e Istituti di Scienze Economiche (DISCE).
  74. Banal-Estanol, Albert & Macho-Stadler, Ines & Seldeslachts, Jo, 2008. "Endogenous mergers and endogenous efficiency gains: The efficiency defence revisited," International Journal of Industrial Organization, Elsevier, vol. 26(1), pages 69-91, January.
  75. repec:hum:wpaper:sfb649dp2015-011 is not listed on IDEAS
  76. Dertwinkel-Kalt, Markus & Wey, Christian, 2014. "Remedies vs. Extreme Options in Merger Control," VfS Annual Conference 2014 (Hamburg): Evidence-based Economic Policy 100397, Verein für Socialpolitik / German Economic Association.
  77. Persson, Lars & Norbäck, Pehr-Johan, 2007. "Globalization and Profitability of Cross-border Mergers & Acquisitions," CEPR Discussion Papers 6102, C.E.P.R. Discussion Papers.
  78. Riccardo Calcagno & Sonia Falconieri, 2008. "White Knights and the Corporate Governance of Hostile Takeovers," Tinbergen Institute Discussion Papers 08-118/2, Tinbergen Institute.
  79. Oliver Budzinski & Jürgen-Peter Kretschmer, 2007. "Implications of Unprofitable Horizontal Mergers: A Re-Interpretation of the Farrell-Shapiro-Framework," Marburg Working Papers on Economics 200714, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
  80. Gunther Tichy, 2001. "What Do We Know about Success and Failure of Mergers?," Journal of Industry, Competition and Trade, Springer, vol. 1(4), pages 347-394, December.
  81. Norbäck, Pehr-Johan & Persson, Lars, 2001. "Investment Liberalization - Who Benefits from Cross-Border Mergers & Acquisitions?," Working Paper Series 569, Research Institute of Industrial Economics.
  82. Persson, Lars & Norbäck, Pehr-Johan, 2003. "Cross-Border Acquisitions and Greenfield Entry: Profitability and Stock Market Value," CEPR Discussion Papers 3998, C.E.P.R. Discussion Papers.
  83. Fumagalli, Eileen & Nilssen, Tore, 2008. "Waiting to Merge," Memorandum 13/2008, Oslo University, Department of Economics.
  84. Lommerud, Kjell Erik & Straume, Odd Rune & Sorgard, Lars, 2005. "Downstream merger with upstream market power," European Economic Review, Elsevier, vol. 49(3), pages 717-743, April.
  85. Norbäck, Pehr-Johan & Persson, Lars, 2002. "Cross-Border Acquisitions and Greenfield Entry," Working Paper Series 570, Research Institute of Industrial Economics.
  86. Persson, Lars & Norbäck, Pehr-Johan & Tåg, Joacim, 2012. "Buying to Sell: Private Equity Buyouts and Industrial Restructuring," CEPR Discussion Papers 8992, C.E.P.R. Discussion Papers.
  87. Del Bo, Chiara D. & Ferraris, Matteo & Florio, Massimo, 2017. "Governments in the market for corporate control: Evidence from M&A deals involving state-owned enterprises," Journal of Comparative Economics, Elsevier, vol. 45(1), pages 89-109.
  88. Johan Stennek, 2006. "A new perspective on mergers and acquisitions: Evidence explained, policies prescribed," CESifo Forum, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 7(1), pages 3-8, April.
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