This paper examines a dynamic game of exploitation of a common pool of some renewable asset by agents that sell the result of their exploitation on an oligopolistic market. A Markov Perfect Nash Equilibrium of the game is used to analyze the effects of a merger of a subset of the agents. We study the impact of the merger on the equilibrium production strategies, on the steady states, and on the...

In this paper we address the problem related to determination of the most suitable candidates for an M&A (Merger & Acquisition) scenario of Banks/Financial Institutions. During the pre-merger period of an M&A, a number of candidates may be available to undergo the Merger/Acquisition, but all of them may not be suitable. The normal practice is to carry out a due diligence exercise to identify th...

The religious sector in the United States is distinctive for the degree to which institutional change occurs not through the birth and death of organizations, but through mergers and schisms occurring among preexisting denominations. In this article we analyze mergers among mainstream Protestant denominations, as a means both to deepen our understanding of the dynamics of denominationalism and ...

This paper develops a dynamic model for the timing and terms of mergers and acquisitions. Differently from previous models, we show that the firms agree about the timing, independently from how the merger surplus is shared. Firms always agree on the timing and discuss the sharing rule of the merger surplus according to their bargaining power or some other exogenous factor. We also show that, un...

We provide a decision analysis perspective on the decision making process leading to the merger of The Institute of Management Sciences (TIMS) and the Operations Research Society of America (ORSA) to form the Institute for Operations Research and the Management Sciences (INFORMS). Throughout the merger negotiation era from 1989 until the merger in 1995, discussion regarding a possible merger wa...

To investigate the influences of a merger on employees in a Japanese company, changes of subjective stress and stress-related symptoms after a merger announcement in a major Japanese financial company were explored using longitudinal study surveys. Seventy-one participants responded to the first and second questionnaires, consisting of stress and symptoms, personal characteristics, lifestyle, m...

Merger Clusters during Economic Booms* by Albert Banal-Estañol, Paul Heidhues, Rainer Nitsche, and Jo Seldeslachts 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 real...

Do relatively large mergers create more value? Do larger bid amounts represent wealth transfers or do they signal larger expected merger gains? We hypothesize that the relationship between aggregate merger gains, deal size, and bid premiums is asymmetric across mergers made by valueenhancing versus value-reducing managers. We use a large sample of bank mergers to test these predictions and find...

This paper illustrates how taking alternative mergers into consideration when analyzing the effects of a proposed merger may provide some information to the antitrust authorities. In particular, the use of revealed preference may allow the authorities to establish an expected upper limit on the efficiency gains obtained in a given merger that also increases the participants’ market power. Such ...