Mergers and acquisitions (M&As) are major events, reshaping competition among related firms (traditionally called rivals). Despite their seeming importance, most M&A studies have found only a limited empirical impact on rival stock prices. Our paper revisits this issue using a novel approach to characterize the degree of interactions among related firms based on their stock return correlations ...

In the last decades, there has been a far-reaching debate about whether reason is natural power of human animal or socio-historical achievement. This paper brings out and criticizes two paradigmatic views entangled in that dilemma: substantive view which construes as primitive possessing basic forms intelligibility; derivative traces back to non-rational, natural-historic processes. I approach ...

Recent programs for organizational improvement (reengineering, downsizing, and outsourcing) have apparently resolved the productivity paradox by making organizations leaner and more efficient. However, these same programs have drained knowledge from organizations, threatening the future performance of lean organizations. Knowledge management, which focuses on the acquisition, internalization, a...

This paper examines the determinants of the choice of financial advisors and their impact on the announcement effects of US acquirers in cross-border M&As. Two hypotheses are tested: one pertains to the acquiring firms’ home preference in selecting financial advisors, and the other relates to advisors’ experience in target countries. Evidence supports the home preference hypothesis in the selec...

Article history: Received 29 January 2013 Received in revised form 5 November 2013 Accepted 3 January 2014 Available online 15 January 2014 A two-stage stock-financed merger occurs when an acquiring firm first issues shares, and then engages in a cash acquisition shortly afterward. Such deals allow us to test two important hypotheses derived from decoupling: by clienteles via segmentation and b...

While the impact of M&A on R&D and innovation examined at the aggregate level left inconclusive evidence, we find that at the level of the R&D process both the technological and the market relatedness between the target and the acquirer are helpful dimensions to identify effects. Using information on 31 in-depth cases of individual M&A deals we show that technological relatedness between M&A pa...

This study compares the use of acquisitions by Asian, European, and North American firms operating in the U.S. medical sector between 1978 and 1995. We examine the incidence of acquisitions, the relative emphasis that acquirers place on resource deepening and resource extension, and the post-acquisition retention of acquired resources. We find substantial similarity in the asset-seeking role of...

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We analyze a comprehensive set of mergers and acquisitions from SDC data from 1992 through 2009. We do not impose common restrictions such as excluding private bidders, small targets, or deals without a deal value. We show a broader scope of mergers and acquisitions activity than that implied in the literature, which generally oversamples larger deals involving public firms. Further, some of ou...

In this paper we describe an experiment designed to study the problem solving behavior of a group of knowledge engineers. The subjects are knowledge engineers trained in the Generic Task framework (Chandrasekaran, 1989). The study has two aims: (1) to evaluate the degree of consistency among a set of engineers trained in the same high-level framework in order to assure the presence of a consist...