In this paper, we study bilateral mergers in experimental Cournot markets with initially three or four firms. Theory predicts preand post-merger total output well. However, merged firms produce significantly more than firms without a merger history. As a result, mergers are not as unprofitable as predicted. By analyzing two control treatments, we provide an explanation for these results based o...

In the presence of corporate taxes and default costs, mergers can realize purely financial synergies due to reduced risk and the potential for greater leverage, as suggested by Lewellen (1971). But his conclusion that mergers always create positive financial synergies is incorrect: when firms have quite different risks or default costs, the loss from no longer being able to fit different capita...

The effects of cluster mergers on the metal enrichment of the intra-cluster gas in clusters of galaxies are reviewed. Mergers can influence the metal production as well as the gas ejection processes, which transport the gas from the galaxy potential wells into the intra-cluster gas. Several processes are discussed: ram-pressure stripping, galactic winds and star formation activity. Simulations ...

We examine coordinated effects of mergers in the Swedish retail market for gasoline during the period 1986-2002. Despite significant changes in market concentration and many factors conducive to coordination, the empirical analysis shows that the level of coordination is low. In addition, statistical tests reject the hypothesis that mergers and acquisitions result in ”coordinated effects”. In p...

We investigate the effect of embedded active galactic nuclei (AGN) in galaxy mergers on the CO molecular line emission by combining non-local thermodynamic equilibrium (LTE) radiative transfer calculations with hydrodynamic simulations. We find that AGN feedback energy in gas rich galaxy mergers can contribute to large molecular outflows which may be detectable via velocityintegrated emission c...

This paper reflects on the role of the IS function during mergers. It is based on three European mergers cases. The paper then looks at the process of merger management and the issues and inhibitors that this entails for IS. The IS implementation strategy and the process by which IS may facilitate the merger and enact its own integration is considered. Finally, lessons for management are drawn.

To critically assess the binary compact object merger model for short gamma ray bursts (GRBs) – specifically, to test whether the short GRB rates, redshift distribution and host galaxies are consistent with current theoretical predictions – it is necessary to examine models that account for the high-redshift, heterogeneous universe (accounting for both spirals and ellipticals). We present an in...

Compact object mergers eject neutron-rich matter in a number of ways: by the dynamical ejection mediated by gravitational torques, as neutrino-driven winds, and probably also a good fraction of the resulting accretion disc finally becomes unbound by a combination of viscous and nuclear processes. If compact binary mergers indeed produce gamma-ray bursts, there should also be an interaction regi...

Conflicting trends confound the pharmaceutical industry. The productivity of pharmaceutical innovation has declined in recent years. At the same time, the cohort of large companies who are the leading engines of pharmaceutical R&D has become increasingly concentrated. The concurrent presence of these trends is not sufficient to determine causation. In response to lagging innovation prospects, s...

This paper shows bank mergers that enhance value upon announcement can be distinguished from those that do not create value. I classify mergers of banking firms according to activity and geographic similarity (focus) or dissimilarity (diversification), and examine the abnormal returns to each group as a result of the merger announcement. Mergers that focus both activity and geography enhance st...