A merger is a transaction that combines two firms, leaving one surviving entity. An acquisition is the purchase of one firm by another individual or firm. Both transactions fall under the more general heading of takeovers. Takeovers can play a constructive economic role, for example by removing inefficient management or by achieving economies of scale and complementarity. On the other hand, the...

Using a unique Norwegian dataset, which combines information on companies’ bank accounts, annual accounts and bank mergers and acquisitions (M&As), we find evidence that such M&As reduce credit availability and worsen borrowing terms for nontransparent firms. Since, due to information asymmetries, such firms are typically more dependent on bank lending relationships, our results indicate that t...

What drives mergers and acquisitions (M&As) in different institutional environments? This article builds on the resource dependence perspective and argues that networks, learning, and institutions represent three building blocks that can enhance our understanding of the drivers behind M&As. Specifically, we consider firms as learning actors embedded in network relations and influenced by instit...

Using a large database of U.S. mergers and acquisitions (M&As) announced from 2010 through 2017, we examine the effects capital ratio (leverage) on announcement period stock price reaction as well longer-term returns performance, for banks, making comparisons with non-banks. We compare reactions (computed in different ways) lower (lower than sample median) capitalized banks non-banks that h...

This paper presents an empirical analysis of the Russian market of mergers and acquisitions in 2003-2012. This analysis allowed for the conclusion that, to assess and forecast the integration activity of Russian companies, the most precise and appropriate models are seasonal autoregressive integrated moving average models built on weighted observations to eliminate the effect of the structural ...

The image part with relationship ID rId9 was not found in the file. ABSTRACT Developed to optimize the business benefits of an active mergers and acquisitions strategy, this white paper outlines key objectives and guiding principles for IT integration diligence, planning, and execution. It is intended for IT executives, architects, designers, and consultants who are responsible for merger and a...

This paper presents a dynamic model of takeovers based on the stock market valuations of merging firms. The model incorporates competition and imperfect information and determines the terms and timing of takeovers by solving option exercise games between bidding and target shareholders. The implications of the model for returns to stockholders are consistent with the available evidence. In addi...

Knowledge is a vital source of competitive advantage and renewal for contemporary organizations. However, to date, few studies have scrutinized how mergers acquisitions (M&As)—processes dependent on knowledge sharing—offer valuable inter-organizational context through which understand the attainment customer sharing following M&As. Applying an integrated theoretical perspective from relationshi...