Abstract Using a new trademark-based product market competition measure and novel trademark-merger data set over the period 1983–2016, we show that companies facing greater are more likely to be acquirers. We further postmerger, compared their nonacquiring peers, acquirers consolidate offerings by discontinuing existing lines developing fewer lines. quasi-experiment based on bids withdrawn due ...

The Clean Water Act of 1972 as amended in 1987 requires states to control the flow of pollution from storm water into local rivers. In most cases, this requirement is carried out through installation of an expensive system of pipes and pumps. The Tollgate Drainage District, Ingham County, Michigan, examined here, uses a more economical alternate approach: water from the district flows into an a...

do.usbr. Summary We investigate the applicability of the Two-dimensional, Runoff, Erosion and Export (TREX) model to simulate extreme floods on large watersheds in semi-arid regions in the western United States. Spatially-distributed extreme storm and channel components are implemented so that the TREX model can be applied to this problem. TREX is demonstrated via calibration, validation and si...

Merger activity is intense during economic booms and subdued during recessions. This paper provides a non-financial explanation for this observable pattern. We construct a model in which the target—by setting the takeover price—screens the acquirer on his (expected) ability to realize synergy gains when merging. In an economic boom, it is less profitable to sort out relatively “bad fit” acquire...

This article extends signaling theory to research on acquisition premiums and investigates the value that newly public targets capture in post-IPO acquisitions. We complement previous research on acquisition premiums by suggesting that signals about targets can enhance sellers’ gains by reducing acquirers’ offer price discounting that is due to information asymmetries. Specifically, we argue th...

Mergers and acquisitions (M&As) offer a framework to shed a new light on whether corporate social responsibility (CSR) performance enhances corporate financial performance (CFP). Using ASSET4 data as a measurement of CSR performance in a sample of worldwide deals for the period 2004-2017, I find evidence that the environmental performance of target firms enhances acquirers’ shareholder wealth. ...