We provide new estimates of merger value creation by exploiting revealed preferences of merging banks within a matching market framework. We find that merger value arises from cost efficiencies in overlapping markets, relaxing of regulation, and network effects exhibited by the acquirer-target matching. In our analysis of bank mergers, we find that merger value creation is unrelated to acquirer...

We analyse the spatial distribution of halo merger sites using four numerical simulations with high time resolution of structure growth in a Λ-CDM cosmology. We find no evidence for any large-scale relative bias between mergers and randomly selected haloes of the same mass at high redshift. Given a sample of galaxies that form a Poisson sampling of halo mergers, then the amplitude of the measur...

Consider the four possible mergers in a market with three firms: 12, 13, 23, and 123. Which one, if any, will take place? Although the question seems fairly simple, it has not yet been fully answered. The existing literature provides two necessary conditions for a merger: profitability and a non-empty core (i.e., a merger will not be formed if it is unprofitable or if its core is empty). This p...

Some previous studies have suggested that competition regimes can destroy shareholder value. This study examines data on 50 mergers in the UK between 1989 and 2002. The study confirms the finding from earlier studies of greater gains to shareholders in target than bidding companies, but does not find evidence supporting overall loss of shareholder value to target company shareholders when a mer...

In Japan, mergers of cities, towns, and villages have occurred rapidly as a result of the Special Law on the Merger of Municipalities, enacted in 2005. These mergers may impact civil servants' psychological adjustment. We developed the Municipal Merger Stress Questionnaire (MMSQ) to measure the impact of the municipal mergers and collected responses from 570 employees who had experienced a muni...

We analyze collusion in two comparable market structures. In the first market structure only one firm is vertically integrated; there is one more independent firm in the upstream industry and another independent firm in the downstream industry. In the second market structure, there are only two vertically integrated firms that can trade among themselves in the intermediate good market. The seco...

The model and related empirical examination in this paper demonstrate one reason why previous studies document both positive and negative correlations between exchange rate volatility and observed levels of foreign direct investment. Using a simple model of cross-border mergers and acquisitions, it argues that the source of the volatility is important in resolving the puzzle. An empirical analy...

 what a merger is and how it differs from an acquisition;  some of the reasons why companies merge;  the underlying merger rationales;  what a merger driver is;  what the primary merger drivers are;  the difference between horizontal integration, vertical integration and conglomeration;  the basic merger lifecycle and lifecycle phases;  some basic measures of success for mergers;  the ...

We present here an overview of recent work in the subject of astrophysical manifestations of super-massive black hole (SMBH) mergers. This is a field that has been traditionally driven by theoretical work, but in recent years has also generated a great deal of interest and excitement in the observational astronomy community. In particular, the electromagnetic (EM) counterparts to SMBH mergers p...

Mergers and acquisitions have become a normal business occurrence for companies large and small. Integration of entities following mergers and acquisitions are often more painful and less successful than they could be. The integration of information technology functions plays a vital role in the ultimate results of such a merger by actualizing product and customer synergies, establishing best p...