We propose a continuous merger activity variable (MAV) as an alternative to discrete industry merger waves. Ranking industries by MAV within a quarter removes the market-wide trend and gives a powerful measure of relative industry stock merger activity that is associated with strong patterns in before and after industry returns and operating performance. During 1989-2015, bucket 1 containing in...

This paper comments on “The Price Effects of Hospital Mergers: A Case Study of Sutter-Summit Transaction,” by Steven Tenn. I exposit a simple model of differentiated products competition and consider the implications of Tenn’s findings in the context of this model. I find that Tenn provides compelling evidence that the merger led to a price increase at Summit Hospital. The causes of the price i...

In our paper targets, by setting a reserve price, screen acquirers on their (expected) ability to generate merger-specific synergies. Both empirical evidence and many common merger models suggest that the difference between highand low-synergy mergers becomes smaller during booms. This implies that the target’s opportunity cost for sorting out relatively less fitting acquirers increases and, he...

This paper analyzes the behavior of the Argentine biscuit market during 2003-06 to find out whether any important merger occurred in October 2004 (the Arcor/Bagley merger) had any discernible market power or cost reduction effects. This paper presents an econometric demand-and-supply model in which it treats the biscuits supplied by the main producers as different products. The results show tha...

On January 10, 2000, Steve Case, CEO of AOL, and Gerald Levin, CEO of Time Warner, announced the acquisition of Time Warner by AOL. This merger is unique in many respects; it is the largest (to this date) merger ever proposed and consummated, valued at the time at $183 billion; it also was the first merger of “old” and “new” media, and by far the most significant Internet-related merger to date...

The purpose of data merger activities undertaken by the National Aeronautic and Space Administration’s (NASA) Sensor Intercomparison and Merger for Biological and Interdisciplinary Studies (SIMBIOS) Project is to create scientific quality ocean color data encompassing measurements from multiple satellite missions. The fusion of data from multiple satellites will improve the quality of ocean col...

Standard merger simulations focus solely on price changes while constraining the set of product characteristics to be identical preand post-merger. Recent papers have begun to address this issue (see, e.g. Fan, August 2013 AER). To overcome the limitations of traditional simulations, I endogenize both prices and product characteristics by specifying a two-stage oligopoly game. After estimating ...

We study the expected X-ray luminosity of stellar merger products several years after merger. The X-ray emission is assumed to result from magnetic activity. The extended envelope of the merger product possesses a large convective region and it is expected to rotate fast. The rotation and convection might give rise to an efficient dynamo operation, therefore we expect strong magnetic activity. ...

We study the simulated CO emission from elliptical galaxies formed in the mergers of gas-rich disk galaxies. The cold gas not consumed in the merger-driven starburst quickly resettles into a disk-like configuration. By analyzing a variety of arbitrary merger orbits that produce a range of fastto slow-rotating remnants, we find that molecular disk formation is a fairly common consequence of gas-...