We investigate the contribution of major mergers (mass ratios >1: 5) to stellar mass growth and morphological transformations around the epoch of peak cosmic star formation (z ∼ 2). We visually classify a complete sample of massive (M > 1010M ) galaxies at this epoch, drawn from the Cosmic Assembly Near-infrared Deep Extragalactic Legacy Survey, into latetype galaxies, major mergers, spheroids ...

We study the effect of horizontal mergers in a dynamic model with noisy collusion. At each instant firms either privately choose output levels or merge to create a monopoly. In equilibrium, merging trades off the benefits of avoiding price wars against costs of merging, net of higher profits due to lower competition. There are three results. First, mergers are optimal when collusion fails (i.e....

Clusters of galaxies generally form by the gravitational merger of smaller clusters and groups. Mergers drive shocks in the intracluster gas which heat the intracluster gas. Mergers disrupt cluster cooling cores. Mergers produce large, temporary increases in the X-ray luminosities and temperatures of cluster; such merger boost may bias estimates of cosmological parameters from clusters. Chandra...

it is inferred from the symmetrical and luminous x-ray emission of fossil groups that they are mature, relaxed galaxy systems. cosmological simulations and observations focusing on their dark halo and inter-galactic medium properties confirm their early formation. recent photometric observations suggest that, unlike the majority of non-fossil brightest group galaxies (bggs), the central early-t...

This Article, in Parts I-III, traces the development of Articles 85 and 86 of the EEC Treaty from the drafting of the Treaty, through discussions in the 1960s on their possible application to mergers, to the Continental Can case in 1973 and its subsequent interpretation. Part IV examines the Commission’s proposal for a regulation on the control of concentrations between undertakings. Part V exp...

Why Mergers Reduce Profits and Raise Share Prices — A Theory of Preemptive Mergers* by Sven-Olof Fridolfsson and Johan Stennek We explain the empirical puzzle why mergers reduce profits and raise share prices. If being an “insider” is better than being an “outsider,” firms may merge to preempt their partner merging with a rival. The stock-value of the insiders is increased, since the risk of be...

The violent hierarchical nature of the Λ-Cold Dark Matter cosmology poses serious difficulties for the formation of disk galaxies. To help resolve these issues, we describe a new, merger-driven scenario for the cosmological formation of disk galaxies at high redshifts that supplements the standard model based on dissipational collapse. In this picture, large gaseous disks may be produced from h...

In this review we discuss the evidence for galaxy interactions and mergers in the distant universe and the role of mergers in forming galaxies. Observations show that the fraction of massive (M > M∗) galaxies involved in major mergers is roughly 5-10% at z ∼ 1. The merger fraction however increases steeply for the most massive galaxies up to z ∼ 3, where the merger fraction is 50±20%. Using N-b...

A comparative analysis of union mergers in Australia and Germany Anja Kirsch University of Sydney In this paper, the most recent waves of union mergers in Australia and Germany are examined and their outcomes assessed in a comparative analysis. It is established that in both countries, mergers took place during a period of economic reform and declining union membership. The merger wave was shor...

In this paper we consider whether a movement towards freer international trade generates incentives for firms to merge and if so what forms of merger are most profitable. In a linear Cournot framework we show that a reduction in trade costs may, but will not necessarily, encourage mergers. Both market structure and the level to which trade costs fall are shown to play a decisive role. Domestic ...