Mergers and acquisitions transactions strategies in diffusion - type financial systems in highly volatile global capital markets with nonlinearities

Ledenyov, Dimitri O. and Ledenyov, Viktor O. (2014): Mergers and acquisitions transactions strategies in diffusion - type financial systems in highly volatile global capital markets with nonlinearities.

Abstract

The M&A transactions represent a wide range of unique business optimization opportunities in the corporate transformation deals, which are usually characterized by the high level of total risk. The M&A transactions can be successfully implemented by taking to an account the size of investments, purchase price, direction of transaction, type of transaction, and using the modern comparable transactions analysis and the business valuation techniques in the diffusion – type financial systems in the finances. We analyzed the M&A transactions in Switzerland in 2012 in various industrial segments. We think that the globalization has a strong influence on the successful M&A deals completion in Switzerland. We believe that the fluctuating dependence of M&A transactions number over the certain time period is quasi-periodic. We think that there are many factors, which can generate the quasi periodic oscillations of the M&A transactions number in the time domain, for example: the stock market bubble effects. We performed the research of the nonlinearities in the M&A transactions number quasi-periodic oscillations in Matlab, including the ideal, linear, quadratic, and exponential dependences. We discovered that the average of a sum of random numbers in the M&A transactions time series represents a time series with the quasi periodic systematic oscillations, which can be finely approximated by the polynomial numbers. We think that, in the course of the M&A transaction implementation, the ability by the companies to absorb the newly acquired knowledge and to create the new innovative knowledge bases, is a key pre-determinant of the M&A deal completion success. In our opinion, the integrative collateral creative design thinking has a direct impact on the new innovative knowledge bases formation by companies in the highly competitive global markets. We would like to state that the winning virtuous mergers and acquisitions transactions strategies in the diffusion - type financial systems in the highly volatile global capital markets with the nonlinearities can only be selected through the decision making process on the various available M&A choices, applying the econophysical econometrical analysis with the use of the inductive, deductive and abductive logics.

• Item Type: MPRA Paper
• Language: English
• Keywords: mergers and acquisitions transactions, comparable transactions analysis, business valuation methodologies, econophysics, econometrics, nonlinearities, global capital markets
• Subjects: C - Mathematical and Quantitative Methods > C1 - Econometric and Statistical Methods and Methodology: General; C - Mathematical and Quantitative Methods > C3 - Multiple or Simultaneous Equation Models ; Multiple Variables > C32 - Time-Series Models ; Dynamic Quantile Regressions ; Dynamic Treatment Effect Models ; Diffusion Processes ; State Space Models; C - Mathematical and Quantitative Methods > C5 - Econometric Modeling > C58 - Financial Econometrics; C - Mathematical and Quantitative Methods > C8 - Data Collection and Data Estimation Methodology ; Computer Programs > C87 - Econometric Software; D - Microeconomics > D2 - Production and Organizations; D - Microeconomics > D2 - Production and Organizations > D21 - Firm Behavior: Theory; D - Microeconomics > D2 - Production and Organizations > D22 - Firm Behavior: Empirical Analysis; D - Microeconomics > D2 - Production and Organizations > D23 - Organizational Behavior ; Transaction Costs ; Property Rights; D - Microeconomics > D2 - Production and Organizations > D24 - Production ; Cost ; Capital ; Capital, Total Factor, and Multifactor Productivity ; Capacity; D - Microeconomics > D4 - Market Structure, Pricing, and Design > D46 - Value Theory; G - Financial Economics > G1 - General Financial Markets > G11 - Portfolio Choice ; Investment Decisions; G - Financial Economics > G3 - Corporate Finance and Governance; G - Financial Economics > G3 - Corporate Finance and Governance > G30 - General; G - Financial Economics > G3 - Corporate Finance and Governance > G31 - Capital Budgeting ; Fixed Investment and Inventory Studies ; Capacity; G - Financial Economics > G3 - Corporate Finance and Governance > G32 - Financing Policy ; Financial Risk and Risk Management ; Capital and Ownership Structure ; Value of Firms ; Goodwill; G - Financial Economics > G3 - Corporate Finance and Governance > G34 - Mergers ; Acquisitions ; Restructuring ; Corporate Governance; L - Industrial Organization > L2 - Firm Objectives, Organization, and Behavior; L - Industrial Organization > L2 - Firm Objectives, Organization, and Behavior > L25 - Firm Performance: Size, Diversification, and Scope; M - Business Administration and Business Economics ; Marketing ; Accounting ; Personnel Economics > M1 - Business Administration > M16 - International Business Administration; M - Business Administration and Business Economics ; Marketing ; Accounting ; Personnel Economics > M4 - Accounting and Auditing

References

1. Bagehot W 1873, 1897 Lombard Street: A description of the money market Charles Scribner's Sons New York USA.

2. Fisher I 1892 Mathematical investigations in the theory of value and prices Transactions of the Connecticut Academy 9 pp 1 – 124.

3. Bachelier L 1900 Theorie de la speculation Annales de l’Ecole Normale Superieure Paris France vol 17 pp 21-86.

4. Ricci U Curve crescenti di ofelimita elementare e di domanda Giornale degli Economisti Series 2, 29 pp 112 – 138.

5. Volterra V 1906 L’economia matematica ed il nuovo manual del prof. Pareto Giornale degli Economisti Series 2, 32 pp 296 – 301.

6. Slutsky E E 1910 Theory of marginal utility M Sc Thesis Vernadsky National Library Kiev Ukraine.

7. Slutsky Е Е 1912 Theory of correlation and elements of study about distribution curves Kiev Commerce Institute Bulletin 16 pp 1 – 208 Kiev Ukraine.

8. Slutsky Е Е 1913 On the criterion of goodness of fit of the regression lines and the best method of fitting them to the data Journal Royal Statistics Society vol 77 part I pp 78 – 84.

9. Slutsky Е Е 1914 Sir William Petty: Short overview of his economic visions with attachment of his several important research works Kiev Commerce Institute Bulletin 18 pp 5 – 48 Kiev Ukraine.

10. Slutsky Е Е 1915 Sulla teoria sel bilancio del consumatore Giornale degli economisti e ri vista di statistica 51 no 1 pp 1 – 26 Italy.

11. Slutsky Е Е 1922a Statistics and mathematics. Review of Kaufman Statistics Bulletin 3 – 4 pp 104 – 120.

12. Slutsky E E 1922b To the question of logical foundations of probability calculation Statistics Bulletin 9 - 12 pp 13 – 21.

13. Slutsky E E 1923a On the some patterns of correlation connection and the systematic error of correlation coefficient Statistics Bulletin 1 – 3 pp 31 – 50.

14. Slutsky E E 1923b On a new coefficient of mean density of population Statistics Bulletin 4 – 6 pp 5 – 19.

15. Slutsky E E 1923c On calculation of state revenue from emission of paper money Local Economy 2 pp 39 – 62 Kiev Ukraine.

16. Slutsky E E 1925a On the law of large numbers Statistics Bulletin 7 – 9 pp 1 – 55.

17. Slutsky E E 1925b Ueber stochastische Asymptoten und Grenzwerte Metron Padova Italy vol 5 no 3 pp 3 – 89.

18. Slutzhi E E 1926 Ein Beitrag zur Formal-praxeologischen Grundlegung der Oekonomik Ann de la classe des sci soc-econ Akad Oukrainienne des Sciences Kiev Ukraine vol 4 pp 3 – 12.

19. Slutsky E E 1927a The summation of random causes as sources of cyclic processes Problems of Conjuncture (Voprosy Kon’yunktury) vol 3 issue 1 pp 34 – 64 Moscow Russian Federation.

20. Slutzhi Е Е 1927b Zur Kritik des Bohm-Bawerkschen Wertbegriffs und seiner Lehre von der Messbarkeit des Wertes Schmollers Jb 51 (4) pp 37 – 52.

21. Slutsky E E 1929 Sur l’erreur quadratique mogenne du coefficient de correlation dans le cas des suites des epreuves non independantes Comptes rendus 189 pp 612 – 614.

22. Slutsky E E 1935 To the extrapolation problem in connection with forecast problem Geophysics Journal 5 (3) pp 263 – 277.

23. Slutsky E E 1937a Quelche propositione relative alla teoria delle funzioni aleatorie Giornale dell Istituto Italiano degli Attuari 8 no 2 pp 3 – 19.

24. Slutsky E E 1937b The summation of random causes as the source of cyclical processes Econometrica 5 pp 105 – 146.

25. Slutsky E E 1942, 1999 Autobiography of December 3, 1942 Economics School 5 pp 18 – 21.

26. Slutsky E E 1960 Selected research works (Izbrannye trudy) Academy of Sciences of USSR Moscow Russian Federation.

27. Kolmogorov A N 1948 Slutsky. The obituary Uspekhi Matematicheskih Nauk vol 3 issue 4 Moscow Russian Federation

28. Smirnov N V 1948 E E Slutsky Izvestia Akademii Nauk SSSR vol 12 pp 417 – 420.

29. Allen R G D 1936 Professor Slutsky theory of consumers choice Review of Economic Studies 1 pp 110 – 121.

30. Allen R G D 1950 The work of Eugen Slutsky Econometrica vol 18 pp 209 – 216.

31. Afriat S N 1972 A case of vanishing Slutsky matrix Journal of Economic Theory 5 pp 208 – 223.

32. Diewert W E 1977 Generalized Slutsky conditions for aggregate consumer demand functions Journal of Economic Theory 15 pp 353 - 362.

33. Könus A A 1978 Slutsky in Kruskal W H, Tanur J M (editors) International Stat Enc vol 2 pp 1000 – 1001 New York – London USA – UK.

34. Chipman J S, Lenfant J-S 2002 Slutsky's 1915 article: How it came to be found and interpreted History of Political Economy vol 34 no 3 pp 553 – 597.

35. Barnett V 2006 Chancing an interpretation: Slutsky’s random cycles revisited European Journal History of Economic Thought 13 (3) pp 411 – 432 ISSN 0967-2567 print/ISSN 1469-5936 online DOI: 10.1080/09672560600875596 http://www.tandf.co.uk/journals .

36. Sheynin O 2010 Evgeny Slutsky: Collected statistical papers pp 1 – 265 ISBN 3-938417-82-X Berlin Germany.

37. Yule G 1927 On a method of investigating periodicities in disturbed series, with special reference to Wolfer's sunspot numbers Phil.

38. Osborne M F M 1959 Brownian motion in the stock market Operations Research 7 pp 145 – 173.

39. Alexander S S 1961 Price movements in speculative markets: Trends or random walks Industrial Management Review 2 pp 7 – 26.

40. Shiryaev A N 1961 The problem of the most rapid detection of a disturbance in a stationary process Soviet Mathematical Doklady 2 pp 795 – 799.

41. Shiryaev A N 1963 On optimal methods in quickest detection problems Theory of Probability and its Applications 8 (1) pp 22 – 46.

42. Shiryaev A N 1964 On Markov sufficient statistics in non-additive Bayes problems of sequential analysis Theory of Probability and its Applications 9 (4) pp 670 – 686.

43. Shiryaev A N 1965 Some exact formulas in a ’disorder’ problem Theory of Probability and its Applications 10 pp 348 – 354.

44. Grigelionis B I, Shiryaev A N 1966 On Stefan’s problem and optimal stopping rules for Markov processes Theory of Probability and its Applications 11 pp 541 – 558.

45. Shiryaev A N 1967 Two problems of sequential analysis Cybernetics 3 pp 63 - 69.

46. Shiryaev A N 1978 Optimal stopping rules Springer Berlin Germany.

47. Shiryaev A N 1998a Foundations of stochastic financial mathematics vol 1 Fazis Scientific and Publishing House Moscow Russian Federation ISBN 5-7036-0044-8 pp 1 – 492.

48. Shiryaev A N 1998b Foundations of stochastic financial mathematics vol 2 Fazis Scientific and Publishing House Moscow Russian Federation ISBN 5-7036-0044-8 pp 493 – 1017.

49. Graversen S E, Peskir G, Shiryaev A N 2001 Stopping Brownian motion without anticipation as close as possible to its ultimate maximum Theory of Probability and its Applications 45 pp 125 – 136 MR1810977 http://www.ams.org/mathscinet-getitem?mr=1810977 .

50. Kallsen J, Shiryaev A N 2001 Time change representation of stochastic integrals Theory of Probability and its Applications 46 pp 579 - 585 MR1978671 http://www.ams.org/mathscinet-getitem?mr=1978671 .

51. Kallsen J, Shiryaev A N 2002 The cumulant process and Esscher’s change of measure Finance Stoch 6 pp 397 – 428 MR1932378 http://www.ams.org/mathscinet-getitem?mr=1932378 .

52. Shiryaev A N 2002 Quickest detection problems in the technical analysis of the financial data Proceedings Mathematical Finance Bachelier Congress Paris France (2000) Springer Germany pp 487 - 521 MR1960576 http://www.ams.org/mathscinet-getitem?mr=1960576 .

53. Jacod J, Shiryaev A N 2003 Limit theorems for stochastic processes 2nd edition Grundlehren der Mathematischen Wissenschaften [Fundamental Principles of Mathematical Sciences] 288 Springer Berlin Germany MR1943877 http://www.ams.org/mathscinet-getitem?mr=1943877

54. Peskir G, Shiryaev A N 2006 Optimal stopping and free-boundary problems Lectures in Mathematics ETH Zürich Birkhäuser Switzerland MR2256030 http://www.ams.org/mathscinet-getitem?mr=2256030 .

55. Feinberg E A, Shiryaev A N 2006 Quickest detection of drift change for Brownian motion in generalized Bayesian and mini-max settings Statistics & Decisions 24 (4) pp 445 – 470.

56. du Toit J, Peskir G, Shiryaev A N 2007 Predicting the last zero of Brownian motion with drift Cornell University NY USA pp 1- 17 http://arxiv.org/abs/0712.3415v1 .

57. Shiryaev A N 2008a Generalized Bayesian nonlinear quickest detection problems: on Markov family of sucient statistics Mathematical Control Theory and Finance Proceedings of the Workshop of April 10–14 2007 Lisbon Portugal Sarychev A et al editors Springer Berlin Germany pp 377 - 386.

58. Shiryaev A N 2008b Optimal stopping rules 3rd edition Springer Germany.

59. Eberlein E, Papapantoleon A, Shiryaev A N 2008 On the duality principle in option pricing: Semimartingale setting Finance Stoch 12 pp 265 – 292 http://www.ams.org/mathscinet-getitem?mr=2390191 .

60. Shiryaev A N, Novikov A A 2009 On a stochastic version of the trading rule "Buy and Hold" Statistics & Decisions 26 (4) pp 289 – 302.

61. Eberlein E, Papapantoleon A, Shiryaev A N 2009 Esscher transform and the duality principle for multidimensional semimartingales The Annals of Applied Probability vol 19 no 5 pp 1944 - 1971 http://dx.doi.org/10.1214/09-AAP600 http://arxiv.org/abs/0809.0301v5 .

62. Shiryaev A N, Zryumov P Y 2009 On the linear and nonlinear generalized Bayesian disorder problem (discrete time case) optimality and risk – modern trends in mathematical finance The Kabanov Festschrift Delbaen F et al editors Springer Berlin Germany pp 227 – 235.

63. Gapeev P V, Shiryaev A N 2010 Bayesian quickest detection problems for some diffusion processes Cornell University NY USA pp 1 - 25 http://arxiv.org/abs/1010.3430v2 .

64. Karatzas I, Shiryaev A N, Shkolnikov M 2011 The one-sided Tanaka equation with drift Cornell University NY USA http://arxiv.org/abs/1108.4069v1 .

65. Shiryaev A N, Zhitlukhin M V 2012 Optimal stopping problems for a Brownian motion with a disorder on a finite interval Cornell University NY USA pp 1 - 10 http://arxiv.org/abs/1212.3709v1 .

66. Zhitlukhin M V, Shiryaev A N 2012 Bayesian disorder detection problems on filtered probability spaces Theory of Probability and Its Applications 57 (3) pp 453 – 470.

67. Feinberg E A, Mandava M, Shiryaev A N 2013 On solutions of Kolmogorov’s equations for nonhomogeneous jump Markov processes Cornell University NY USA pp 1 – 15 http://arxiv.org/abs/1301.6998v3 .

68. Akerlof G, Stiglitz J E 1966 Investment, income and wages Econometrica 34 (5) p 118.

69. Stiglitz J E 1969 Theory of innovation: Discussion American Economic Review 59 (2) pp 46 – 49.

70. Rothschild M, Stiglitz J 1976 Equilibrium in competitive insurance markets: An essay on the economics of imperfect information Quarterly Journal of Economics 90 pp 629 – 649.

71. Stiglitz J, Weiss A 1981 Credit rationing in markets with incomplete information American Economic Review 71 pp 393 – 409.

72. Stiglitz J E 1988 Randomization with asymmetric information RAND Journal of Economics 19 (3) pp 344 – 362.

73. Greenwald B, Stiglitz J E 1990 Asymmetric information and the new theory of the firm: Financial constraints and risk behavior American Economic Review 80 (2) pp 160 – 165.

74. Stiglitz J E 2001, 2002 Joseph E Stiglitz - Biographical The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2001 p 1 http://www.nobelprize.org/nobel_prizes/economic-sciences/laureates/2001/stiglitz-bio.html .

75. Richiardi M, Gallegati M, Greenwald B, Stiglitz J 2007 The asymmetric effect of diffusion processes: Risk sharing and contagion Global Economy Journal vol 8 issue 3 pp 1 – 10 ISSN (Online) 1524-5861 DOI: 10.2202/1524-5861.1365 .

76. Stiglitz J E 2013 Five years in limbo Columbia University 3022 Broadway NY USA http://www8.gsb.columbia.edu/chazen/globalinsights/node/218/Five%20Years%20in%20Limbo# .

77. Jaffee D, Russell T 1976 Imperfect information, uncertainty and credit rationing Quarterly Journal of Economics 90 pp 651 – 666.

78. Leland H E, Pyle D H 1977 Information asymmetries, financial structure, and financial intermediation The Journal of Finance 32 pp 371 – 387.

79. Bernanke B S 1979 Long-term commitments, dynamic optimization, and the business cycle Ph. D. Thesis Department of Economics Massachusetts Institute of Technology USA.

80. Bernanke B S, Blinder A S 1992 The federal funds rate and the channels of monetary transmission American Economic Review 82 (4) pp 901 – 921.

81. Bernanke B S, Gertler M 1995 Inside the black box: The credit channel of monetary policy transmission Journal of Economic Perspectives 9 (4) pp 27 – 48.

82. Bernanke B S 2002 Deflation: “Making sure it doesn’t happen here.” Speech before the National Economists Club Washington DC http://www.federalreserve.gov.

83. Bernanke B S 2004 The great moderation www.federalreserve.gov.

84. Bernanke B S, Reinhart V R 2004 Conducting monetary policy at very low short-term interest rates The American Economic Review vol 94 no 2 pp 85 – 90.

85. Bernanke B S, Reinhart V R, Sack B P 2004 Monetary policy alternatives at the zero bound: an empirical assessment Brookings Papers on Economic Activity Issue 2 pp 1–78.

86. Bernanke B S 2007 The financial accelerator and the credit channel Speech at The Credit Channel of Monetary Policy in the Twenty-first Century Conference Federal Reserve Bank of Atlanta Georgia USA.

87. Bernanke B S 2009a The crisis and the policy response Federal Reserve USA.

88. Bernanke B S 2009b On the outlook for the economy and policy Bank for International Settlements Basel Switzerland http://www.bis.org/review/r091119a.pdf .

89. Bernanke B S 2009c The Federal Reserve's balance sheet – an update Bank for International Settlements Basel Switzerland http://www.bis.org/review/r091013a.pdf .

90. Bernanke B S 2009d Regulatory reform Bank for International Settlements Basel Switzerland http://www.bis.org/review/r091006a.pdf .

91. Bernanke B S 2009e Policy responses to the financial crisis Public Lecture on 13.01.2009 London School of Economics and Political Science London UK. http://richmedia.lse.ac.uk/publicLecturesAndEvents/20090113_1300_policyResponsesToTheFinancialCrisis.mp3 .

92. Bernanke B S 2010a Monetary policy and the housing bubble Annual Meeting of the American Economic Association Atlanta Georgia USA.

93. Bernanke B S 2010b Causes of the recent financial and economic crisis testimony before the Financial Crisis Inquiry Commission Washington USA www.federalreserve.gov/newsevents/testimony/bernanke20100902a.htm .

94. Bernanke B S 2012a Some reflections on the crisis and the policy response Rethinking Finance: Perspectives on the Crisis conference sponsored by the Russell Sage Foundation and The Century Foundation New York USA www.federalreserve.gov/newsevents/speech/bernanke20120413a.htm .

95. Bernanke B S 2012b Monetary policy since the onset of the crisis The Changing Policy Landscape symposium sponsored by the Federal Reserve Bank of Kansas City Jackson Hole Wyoming USA www.federalreserve.gov/newsevents/speech/bernanke20120831a.htm .

96. Bernanke B S 2013a Financial and economic education 13th Annual Redefining Investment Strategy Education (RISE) Forum Dayton Ohio USA.

97. Bernanke B S 2013b Stress testing banks: What have we learned? Maintaining Financial Stability: Holding a Tiger by the Tail conference sponsored by the Federal Reserve Bank of Atlanta Stone Mountain Ga USA www.federalreserve.gov/newsevents/speech/bernanke20130408a.htm .

98. Bernanke B S 2013c Monitoring the financial system 49th Annual Conference on Bank Structure and Competition sponsored by the Federal Reserve Bank of Chicago Chicago Illinois USA pp 1 – 16.

99. Bernanke B S 2013d A century of U.S. central banking: Goals, frameworks, accountability The first 100 years of the Federal Reserve: The policy record, lessons learned, and prospects for the future conference sponsored by the National Bureau of Economic Research Cambridge Massachusetts USA.

100. Bernanke 2013e Teaching and learning about the Federal Reserve A Teacher Town Hall Meeting: 100 Years of the Federal Reserve Washington DC USA pp 1 – 5.

101. Bernanke 2013f The crisis as a classic financial panic Fourteenth Jacques Polak Annual Research Conference Washington DC USA pp 1 - 9.

102. Bernanke B S 2013g Remarks by Ben S Bernanke Ceremony Commemorating the Centennial of the Federal Reserve Act Washington DC USA.

103. Bernanke B S 2013h Concluding Remarks by Ben S Bernanke Ceremony Commemorating the Centennial of the Federal Reserve Act Washington DC USA.

104. Bernanke B S, Blanchard O, Summers L H, Weber A A 2013 What should economists and policymakers learn from the financial crisis? Public Lecture on 25.03.2013 London School of Economics and Political Science London UK http://media.rawvoice.com/lse_publiclecturesandevents/richmedia.lse.ac.uk/publiclecturesandevents/20130325_1715_whatShouldEconomistsAndPolicymakersLearn.mp4 ; http://www.federalreserve.gov/newsevents/speech/bernanke20130325a.htm.

105. Shiller R J, Pound J 1989 Survey evidence on the diffusion of interest and information among investors Journal of Economic Behavior and Organization 12 pp 47 – 66.

106. Conley T G, Hansen L P, Luttmer E G J, Scheinkman J A 1997 Short-term interest rates as subordinated diffusions The Review of Financial Studies vol 10 no 3 pp 525 – 577 http://rfs.oxfordjournals.org/ .

107. Fischer S 1999 On the need for an international lender of last resort Journal of Economic Perspectives vol 13 Fall pp 85 – 104.

108. Stock J H, Watson M W 2002 Macroeconomic forecasting using diffusion indexes Journal of Business and Economic Statistics 20 no 2 pp 147 – 162.

109. Xiaohong Chen, Hansen L P, Carrasco M 2009 Nonlinearities and temporal dependence CIRANO ISSN 1198-8177 pp 1 – 33.

110. Schumpeter J S 1934 The theory of economic development Harvard University Press Cambridge Massachusetts USA.

111. Nelson R L 1959 Merger movements in American industry 1895 – 1956 Princeton NJ Princeton University Press USA.

112. Nelson R L, Winter S 1978 Forces generating and limiting concentration under Schumpeterian competition Bell Journal Economics 9 pp 524 – 548.

113. Penrose 1959 The theory of the growth of the firm Blackwell London UK.

114. Marris R 1964 The economic theory of managerial capitalism Macmillan London UK.

115. Manne H G 1965 Mergers and the market for corporate control Journal of Political Economy 73 pp 110 – 120.

116. Thompson J D 1967 Organizations in action McGraw Hill New York USA.

117. Levy H, Sarnat M 1970 Diversification, portfolio analysis and the uneasy case for conglomerate mergers Journal of Finance 25 pp 795 – 802.

118. Lewellen W G 1971 A pure financial rationale for the conglomerate merger Journal of Finance 26 pp 521 – 537.

119. Weston F, Mansinghka S 1971 Tests of the efficiency performance of conglomerate firms The Journal of Finance 42 pp 943 – 963.

120. Fama E F, Miller M H 1972 The theory of finance Holt, Rinehart and Winston New York USA.

121. Fama E F 1980 Agency problems and the theory of the firm Journal of Political Economy 88 pp 288 – 307.

122. Kirzner I 1973 Competition and entrepreneurship University of Chicago Press Chicago USA.

123. Higgins R C, Schall L D 1975 Corporate bankruptcy and conglomerate merger Journal of Finance 30 pp 93 – 111.

124. Jensen M C, Meckling W H 1976 Theory of the firm: Managerial behavior, agency costs and ownership structure Journal of Financial Economics 3 pp 305 – 360.

125. Jensen M C, Ruback R S 1983 The market for corporate control Journal of Financial Economics 11 (1– 4) pp 5 – 50.

126. Jensen M C 1986 Agency costs of free cash flow, corporate finance and takeovers The American Economic Review 76 pp 323 – 329.

127. Jensen M C 1987 The takeover controversy: Analysis and evidence Oxford University Press Oxford UK.

128. Jensen M C 1988 Takeovers; Their causes and consequences Journal of Economic Perspective 2 (1) pp 21 – 48.

129. Jensen M C, Murphy K J 1990 Performance pay and top-management incentives Journal of Political Economy 98 pp 225 – 264.

130. Jensen M C 1991 Corporate control and the politics of finance Journal of Applied Corporate Finance 4 (2) pp 13 – 34.

131. Jensen M C 1993 The modern industrial revolution, exit, and the failure of internal control systems Journal of Finance vol 48 pp 831 – 880.

132. Steiner P O 1976 Mergers: Motives, effects and policies University of Michigan Press USA.

133. Kim E H, McConnell J J 1977 Corporate mergers and the co-insurance of corporate debt Journal of Finance 32 pp 349 – 365.

134. Lucas R E 1978 On the size distribution of business firm Bell Journal of Economics 9 (2) pp 508 – 523.

135. Salter M, Weinhold W 1979 Diversification through acquisition The Free Press New York USA.

136. Bradley M 1980 Inter firm tender offers and the market for corporate control The Journal of Business 53 (4) pp 345 – 376.

137. Grossman S J, Hart O D 1980 Takeover bids, the free rider problem, and the theory of the corporation Bell Journal of Economics vol 11 pp 42 – 64.

138. Mueller D 1980 The determinants and effects of mergers: An international comparison Oelgeschlager, Gunn and Hain Cambridge Massachusetts USA.

139. Mueller D 1984 Mergers and market share Review of Economics and Statistics vol 67 pp 259 – 267.

140. Mueller D 1987 The corporation: Growth, diversification and mergers University of Maryland USA.

141. Mueller D C 1989 Mergers, causes, effects and policies International Journal of Industrial Organization vol 7.

142. Scherer R M 1980 Industrial market structure and economic performance 2nd edition Houghton Mifflin Company USA.

143. Amihud Y, Baruch L 1981 Risk reduction as managerial motive for conglomerate mergers Bell Journal of Economics 12 (2) pp 823 – 837.

144. Asquith P, Kim E H 1982 The impact of merger bids on the participating firms' security holders Journal of Finance 37 pp 1209 – 1228.

145. Asquith P 1983 Merger bids, uncertainty, and stock-holder returns Journal of Financial Economics 11 pp 81 – 114.

146. Asquith P, Bruner R F, Mullins D W Jr 1983 The gains to bidding firms from mergers Journal of Financial Economics 11 (1) pp 121– 139.

147. Hennart J-F 1982 A theory of multinational enterprise University of Michigan Press Ann Arbor MI USA.

148. Hennart J-F 1988 A transaction costs theory of equity joint ventures Strategic Management Journal 9 (4) pp 361 – 374.

149. Hennart J-F, Park Y-R 1993 Greenfield versus acquisition: The strategy of Japanese investors in the United States Management Science 39 (9) pp 1054 – 1069.

150. Hennart J-F, Reddy S 1997 The choice between mergers/acquisitions and joint ventures: The case of Japanese investors in the United States Strategic Management Journal 18 pp 1 – 12 CCC 0143–2095/97/010001–12.

151. Stapleton R 1982 Mergers, debt capacity, and the valuation of corporate loans in Keenan M, White L J (editors) Mergers and acquisitions Chapter 2 DC Heath Lexington MA USA.

152. Eckbo B E 1983 Horizontal mergers, collusion, and stockholder wealth Journal of Financial Economics 11 (1 – 4) pp 241 – 273.

153. Eckbo B E 2009 Bidding strategies and takeover premiums: A review Journal of Corporate Finance 15 (1) pp 149 – 178.

154. Eger C E 1983 An empirical test of the redistribution effect in pure exchange mergers Journal of Financial and Quantitative Analysis 18 pp 547 – 572.

155. Lubatkin M 1983 Mergers and the performance of the acquiring firm The Academy of Management Review 8 (2) pp 218 – 225.

156. Lubatkin M 1987 Merger strategies and stockholder value Strategic Management Journal 8 (1) pp 39 – 53.

157. Lubatkin M, Shrieves R 1986 Towards reconciliation of market performance measures to strategic management research Academy Management Review 11 pp 497 – 512.

158. Lubatkin M, Srinivasan N, Merchant H 1997 Merger strategies and shareholder value during times of relaxed antitrust enforcement: The case of large mergers during the 1980s Journal of Management 23 pp 59 – 81.

159. Lubatkin M, Schweiger D, Weber Y 1998 Top management turnover in related M&As: An additional test of the theory of relative standing Journal of Management vol 25 no 1 pp 39 – 52.

160. Lubatkin M, Schulze W, Mainkar A, Cotterill R 2001 Ecological investigation of firm effects in horizontal mergers Strategic Management Journal 22 pp 335 – 357.

161. Malatesta P H 1983 The wealth effect of merger activity and the objective functions of merging firms Journal of Financial Economics 11 pp 155 – 181.

162. Salant S W, Switzer S, Reynolds R J 1983 Losses from horizontal merger: The effects of an exogenous change in industry structure on Cournot-Nash equilibrium The Quarterly Journal of Economics 108 pp 185 – 199.

163. Wansley J, Lane W, Yang H 1983 Abnormal returns to acquired firms by type of acquisition and method of payment Financial Management 12 pp 16 – 22.

164. Blake R R, Monton J S 1984 How to achieve integration on the human side of the merger Organizational Dynamics 13 (3) pp 41 – 56.

165. Dess G G, Robinson R B 1984 Measuring organizational performance in the absence of objective measures: The case of the privately held firm and conglomerate business unit Strategic Management Journal 5 (3) pp 265 – 273.

166. Geroski P 1984 On the relationship between aggregate merger activity and the stock market European Economic Review 25 pp 223 – 233.

167. Lobue M 1984 Categorical bank acquisitions Journal of Bank Research 14 pp 274 – 282.

168. Sales A, Mirvis P A 1984 When cultures collide: Issues in acquisitions in Kimberly J R, Quinn R E (editors) New futures: The challenge of managing corporate transitions Dow Jones-Irwin Homewood IL USA pp 107 – 133.

169. Stewart J, Harris R, Carleton W 1984 The role of market structure in merger behavior Journal Industrial Economics 32 pp 293 – 312.

170. Buono A F, Bowditch J L, Lewis J W 1985 When cultures collide: The anatomy of a merger Human Relations 38 pp 477 – 500.

171. Duhaime I M 1985 Conjectures on cognitive simplification in acquisition and divestment decision making Academy of Management Review 10 pp 287 – 295.

172. Hasbrouch J 1985 The characteristic of takeover targets. Q and other measures Journal of Banking and Finance 9 (3) pp 351 – 362.

173. Kusewitt J B 1985 An exploratory study of strategic acquisition factors relating to performance Strategic Management Journal 6 pp 151 – 169.

174. Malatesta P H, Thompson R 1985 Partially anticipated events: A model of stock price reactions with an application to corporate acquisitions Journal of Financial Economics 14 pp 237 – 250.

175. Perry M K, Porter R H 1985 Oligopoly and the incentive for horizontal merger The American Economic Review 75 pp 219 – 227.

176. Walkling R A, Edmister R O 1985 Determinants of tender offer premiums Financial Analysts Journal 41 (1) pp 27 – 37.

177. Chatterjee S 1986 Types of synergy and economic value: The impact of acquisitions on merging and rival firms Strategic Management Journal 7 (2) pp 119 – 139.

178. Chatterjee S, Lubatkin M 1990 Corporate mergers stock holder diversification and changes in systematic risk Strategic Management Journal 11 (4) pp 255 – 268.

179. Chatterjee S 1991 Gains in vertical acquisitions and market power: Theory and evidence Academy of Management Journal 34 (2) pp 436 – 448.

180. Chatterjee S 1992 Sources of value in takeovers, synergy or restructuring: Implications for target and bidder firms Strategic Management Journal 13 pp 267 – 286.

181. Chatterjee S, Lubatkin M, Schweiger O, Weber Y 1992 Cultural differences and shareholder value in related mergers: Linking equity and human capital Strategic Management Journal vol 13 no 5 pp 319 – 334.

182. Dennis D K, McConnell J J 1986 Corporate mergers and security returns Journal of Financial Economics 16 pp 143 – 187.

183. Jemison D B, Sitkin S B 1986a Acquisitions: The process can be a problem Harvard Business Review March-April pp 107 – 116.

184. Jemison D B, Sitkin S B 1986b Corporate acquisitions: A process perspective Academy of Management Review vol 11 no 1 pp 145 – 163.

185. Montgomery C A, Wilson V A 1986 Mergers that last: A predictable pattern Strategic Management Journal 7 (1) pp 91 – 96.

186. Palepu K G 1986 Predicting takeover targets: A methodological and empirical analysis Journal of Accounting and Economics 8 (1) pp 3 – 35.

187. Pastena V, Ruland W 1986 The merger/bankruptcy alternative Accounting Review 61 (2) pp 288 – 301.

188. Roll R 1986 The hubris hypothesis of corporate takeovers Journal of Business 59 pp 197 – 216.

189. Shleifer A, Vishny R W 1986 Large shareholders and corporate control Journal of Political Economy 95 pp 461 – 488.

190. Shleifer A, Summers L 1988 Breach of trust in hostile takeovers in Auerbach A (editor) Corporate takeovers: Causes and consequences University of Chicago Press Chicago USA pp 33 – 59.

191. Shleiper A, Vishny R W 1990 The takeover wave of the 1980s Science vol 249.

192. Shleifer A, Vishny R W 1991 Takeovers in the' 60s and the '80s: Evidence and implications Strategic Management Journal vol 12 pp 51 – 59.

193. Shleifer A 2001 Inefficient markets Oxford University Press New York USA.

194. Shleifer A, Vishny R W 2003 Stock market driven acquisitions Journal of Financial Economics 70 (3) pp 295 – 311.

195. Shrivastava P 1986 Post-merger integration Journal of Business Strategy vol 7 no 1 pp 65 – 76.

196. De S, Duplichan D 1987 Effects of interstate bank mergers on shareholder wealth: Theory and evidence Geld Banken und Versicherungen pp 751 – 773.

197. Hansen R G 1987 A theory for the choice of exchange medium in mergers and acquisitions Journal of Business 60 pp 75 – 95.

198. Haspeslagh P C, Farquhar A B 1987 The acquisition integration process: A contingent Framework The 7th Annual International Conference of the Strategic Management Society Boston USA.

199. Huang Y-S, Walkling R A 1987 Target abnormal returns associated with acquisition announcements: Payment, acquisition form, and managerial resistance Journal of Financial Economics 19 (2) pp 329 – 349.

200. James Ch M, Wier P 1987 Returns to acquirers and competition in the acquisition market: The case of banking The Journal of Political Economy 95 pp 355 – 370.

201. Neely W P 1987 Banking acquisitions: Acquirer and target shareholder returns Financial Management 16 pp 66 – 74.

202. Ravenscraft D J, Scherer F M 1987a Life after takeover Journal of Industrial Economics 36 (2) pp 147 – 156.

203. Ravenscraft D J, Scherer R M 1987b Mergers, selloffs, and economy efficiency Brookings Institution Washington DC USA.

204. Sicherman N, Pettway R 1987 Acquisition of divested assets and shareholder wealth Journal of Finance 42 pp 1261 – 1273.

205. Singh H, Montgomery C A 1987 Corporate acquisition strategies and economic performance. Strategic Management Journal 8 (4) pp 377 – 386.

206. Travlos N G 1987 Corporate takeover bids, methods of payment, and bidding firms’ stock returns Journal of Finance 42 pp 943 – 963.

207. Travlos N G, Waegelein J F 1992 Executive compensation, method of payment and abnormal returns to bidding firms at takeover announcements Managerial & Decision Economics 13 (6) pp 493 – 501.

208. Trifts J W, Scanlon K P 1987 Interstate bank mergers: The early evidence Journal of Financial Research 10 pp 305 – 311.

209. Varaiya N, Ferris K 1987 Overpaying in corporate takeovers: The winner’s curse Financial Analysts Journal 43 pp 64 – 73.

210. Auerbach A J 1988 Mergers & acquisitions National Bureau of Economie Research France.

211. Auerbach A J 1989 Corporate takeovers: Causes & consequences National Bureau of Economie Research University of Chicago Press Chicago USA.

212. Barney J 1988 Returns to bidding firms in mergers and acquisitions: Reconsidering the relatedness hypothesis Strategic Management Journal 9 pp 71 – 78.

213. Barney J 1991 Firm resources and sustained competitive advantage Journal of Management 17 pp 99 – 120.

214. Bradley M, Desai A, Kim E H 1988 Synergistic gain from corporate acquisitions and their division between the stockholders of target and acquiring firms Journal of Financial Economics 21 (1) pp 61 – 98.

215. Brown C, Medoff J L 1988 The impact of foreign acquisition on labour in Auerbach A (editor) Corporate takeovers: Causes and consequences University of Chicago Press Chicago USA pp 9 – 31.

216. Hall B H 1988 The effect of takeover activity on corporate research and development in Auerbach A (editor) The economic effects of takeover activity University of Chicago Press Chicago USA.

217. Hall B H 1990 The impact of corporate restructuring on industrial research and development Brookings Papers on Economic Activity 3 pp 85 – 135.

218. Hall B H 1999 Mergers and R&D revisited Quasi - Experimental Methods Symposium Econometrics Laboratory UC Berkeley San Francisco USA.

219. Morck R, Shleifer A, Vishny R W 1988 Characteristics of hostile and friendly takeovers in Auerbach A J (editor) Corporate takeovers: Causes and consequences University of Chicago Press NBER Chicago IL USA.

220. Morck R, Shleifer A, Vishny R W 1990 Do managerial objectives drive bad acquisitions? Journal of Finance 45 pp 31 – 48.

221. Nahavandi A, Malekzadeh A 1988 Acculturation in mergers and acquisition Academy of Management Review vol 13 (1) pp 79 – 90.

222. Schipper K, Thompson R 1983 The impact of merger-related regulations on the shareholders of bidding firms Journal of Accounting Research 21 (1) pp 184 – 221.

223. Shelton L M 1988 Strategic business fits and corporate acquisition: Empirical evidence Strategic Management Journal 9 (3) pp 279 – 287.

224. Walsh J P 1988 Top management turnover following mergers and acquisitions Strategic Management Journal 9 (2) pp 173 – 183.

225. Walsh J P 1989 Doing a deal: Merger and acquisition negotiations and their impact upon target company top management turnover Strategic Management Journal 10 (4) pp 307 – 322.

226. Bertin W J, Ghazanfari F, Torabzadeh K M 1989 Failed bank acquisitions and successful bidders’ returns Financial Management 18 pp 93 – 100.

227. Bulow J, Rogoff K 1989 Sovereign debt: Is to forgive to forget? American Economic Review 79 pp 43 – 50.

228. Cantwell J 1989 Technological innovation and multinational corporations Basil Blackwell Oxford UK.

229. Dubofsky D A, Fraser D R 1989 Regulatory change and the market for bank control in Gup B E (editor) Bank mergers: Current issues and perspectives Kluwer Boston USA pp 121 – 139.

230. Fishman M J 1989 Preemptive bidding and the role of the medium of exchange in acquisitions Journal of Finance 44 pp 41 – 57.

231. Fowler K L, Schmidt D R 1989 Determinants of tender offer post-acquisition financial performance Strategic Management Journal 10 (4) pp 339 – 350.

232. Golbe D L, White L J 1989 A time-series analysis of mergers and acquisitions in the US Economy in Auerbach A J (editor) Corporate takeovers: Causes & conséquences National Bureau of Economie Research France.

233. Hannan T H, Wolken J D 1989 Returns to bidders and targets in the acquisition process: Evidence from the banking industry Journal of Financial Services Research 3 pp 5 – 16.

234. Hayn C 1989 Tax attributes as determinants of shareholder gains in corporate acquisitions Journal of Financial Economics 23 (1) pp 121 – 153.

235. Jacquemin A, Slade M E 1989 Cartels, collusion and horizontal merger in Handbook of industrial organization Schmalensee R, Willing R (editors) North-Holland Amsterdam The Netherlands.

236. Kaen F R, Tehranian H 1989 New Hampshire bank mergers: The returns to acquiring bank shareholders in Gup B E (editor) Bank mergers: Current issues and perspectives Kluwer Boston USA pp 141 – 155.

237. Ravenscraft, Scherer F M 1989 The profitability of mergers International Journal of Industrial Organisation vol 7 no 1 pp 101 – 116.

238. Wall L D, Gup B E 1989 Market valuation effects of bank acquisitions in Gup B E (editor) Bank mergers: Current issues and perspectives Kluwer Boston USA 37 pp 107 – 120.

239. Baradwaj B G, Fraser D R, Furtado E P H 1990 Hostile bank takeover offers: Analysis and implications Journal of Banking and Finance vol 14 pp 1229 – 1242.

240. Baradwaj B G, Dubofsky D A, Fraser D R 1992 Bidder returns in interstate and intrastate bank acquisitions Journal of Financial Services Research 5 pp 261 – 273.

241. Bhagat S, Shleifer A, Vishny R W 1990 Hostile takeovers in the 1980s: The return of corporate specialization Brookings Papers on Economic Activity: Microeconomics pp 1 – 72.

242. Borenstein S 1990 Airline mergers airport dominance and market power The American Economic Review 80 no 2 102nd Annual meeting of the American Economic Association Meeting May 1990 pp 400 – 404.

243. Datta D K, Grant J H 1990 Relationships between type of acquisition, the autonomy given to the acquired firm, and acquisition success: An empirical analysis Journal of Management 16 (1) pp 29 – 44.

244. Datta D K 1991 Organizational fit and acquisition performance: Effects of post-acquisition integration Strategic Management Journal 12 (4) pp 281 – 297.

245. Datta S, Iskander-Datta M E, Raman K (1992) Executive compensation and corporate acquisition decisions Journal of Finance 56 (6) pp 2299 – 2336.

246. Datta S, Iskandar-Datta M E 1995 Corporate partial acquisitions, total firm valuation and the effect of financing method Journal of Banking & Finance 19 pp 97 – 115.

247. Datta S, Iskandar-Datta M, Raman K 2001 Executive compensation and corporate acquisition decisions The Journal of Finance 56 (6) pp 2299 – 2336.

248. Farrell J, Shapiro C 1990 Horizontal mergers: An equilibrium analysis The American Economic Review 80 pp 107 – 126.

249. Hawawini G A, Swary I 1990 Mergers and acquisitions in the U.S. banking industry: Evidence from the capital markets North Holland New York USA.

250. Healy P M, Palepu K, Ruback R S 1990 Does corporate performance improve after mergers? Journal of Financial Economics 31 (2) pp 135 – 176.

251. Hunt J W 1990 Changing pattern of acquisition behavior in takeovers and the consequences for acquisition processes Strategic Management Journal 11 (1) pp 69 – 77.

252. Farrell J, Shapiro C 1990 Horizontal mergers: An equilibrium analysis The American Economic Review 80 pp 107 – 126.

253. Hitt M A, Hoskisson R, Ireland R 1990 Mergers and acquisitions and managerial commitment to innovation in M-form firms Strategic Management Journal 11 pp 29 – 47.

254. Hitt M A, Hoskisson R E, Ireland R D, Harrison J S 1991 Effects of acquisition on R&D inputs and outputs Academy of Management Journal 34 (3) pp 693 – 706.

255. Hitt M A, Hoskisson R, Johnson R, Moesel D 1996 The market for corporate control and firm innovation Academy of Management Journal 39 (8) pp 1084 – 1119.

256. Hitt M, Harrison J, Ireland R D, Best A 1998 Attributes of successful and unsuccessful acquisition of US firms British Journal of Management 9 pp 91 – 114.

257. Hitt M A, Harrison J, Ireland R 2001 Mergers and acquisitions: A guide to creating value for stakeholders Oxford University Press Oxford UK.

258. Holmes Th J, Schmitz J A Jr 1990 A theory of entrepreneurship and its application to the study of business transfer Journal of Political Economy vol 98 no 2 pp 265 – 294.

259. Kamien M I, Zang I 1990 The limits of monopolization through acquisition The Quarterly Journal of Economics 105 pp 465 – 499.

260. Kamien M I, Zang I 1991 Competitively cost advantageous mergers and monopolization Games and Economic Behaviour 3 pp 323 – 338.

261. Kamien M I, Zang I 1993 Monopolization by sequential acquisition Journal of Law and Economic Organization 9 pp 205 – 229.

262. Lahey K E, Conn R L 1990 Sensitivity of acquiring firms’ returns to alternative model specification and disaggregation Journal of Business and Accounting 17 pp 421 – 439.

263. Loderer C, Martin K 1990 Corporate acquisitions by listed firms: The experience of a comprehensive sample Financial Management 19 pp 17 – 33.

264. Rosett J G 1990 Do union wealth concessions explain takeover premiums? The evidence on contract wages Journal of Financial Economics 27 pp 263 – 282.

265. Seth A 1990 Sources of value creation in acquisitions: An empirical investigation Strategic Management Journal 11 (6) pp 431 – 446.

266. Seth A, Song K P, Pettit A R 2002 Value creation and destruction in cross-border acquisitions Strategic Management Journal 23 pp 921 – 940.

267. Shastri K 1990 The differential effects of mergers on corporate security values Research in Finance 8 pp 179 – 201.

268. Smith A 1990 Corporate ownership structure and performance Journal of Financial Economics 27 pp 143 – 169.

269. Cornett M M, De S 1991 Common stock returns in corporate takeover bids: Evidence from interstate bank mergers Journal of Banking and Finance 15 pp 273 – 295.

270. Franks J, Harris R, Titman S 1991 The postmerger share-price performance of acquiring firms Journal of Financial Economics 29 pp 81 – 96.

271. Haspeslagh P, Jemison D 1991 Managing acquisitions: Creating value through corporate renewal Free Press New York USA.

272. Harris R S, Ravenscraft D 1991 The role of acquisitions in foreign direct investment: Evidence from the US stock market Journal of Finance 46 (3) pp 825 – 844.

273. Harrison J S, Hitt M A, Hoskisson R E, Ireland R D 1991 Synergies and post-acquisition performance: Differences versus similarities in resource allocations Journal of Management 17 (1) pp 173 – 190.

274. Mann S, Sicherman N 1991 The agency costs of free cash flow: Acquisition activity and equity issues Journal of Business 13 pp 213 – 227.

275. Schweiger D M, Denisi A S 1991 Communication with employees following a merger: A longitudinal field experiment Academy of Management Journal 34 (1) pp 110 – 135.

276. Servaes H 1991 Tobin’s Q and the gain from takeovers Journal of Finance 46 (1) pp 409 – 419.

277. Slusky A R, Caves R E 1991 Synergy, agency, and the determinants of premia paid in mergers. Journal of Industrial Economics 39 (3) pp 277 – 296.

278. Willig R 1991 Merger analysis, industrial organization theory, and merger guidelines Brookings Papers on Economic Activity: Microeconomics 281 pp 292 – 293.

279. Agrawal A, Jaffe J F, Mandelker G N 1992 The post-merger performance of acquiring firms: A re-examination of an anomaly Journal of Finance 47 (4) pp 1605 – 1621.

280. Agrawal A, Jaffe J F 2000 The post-merger performance puzzle in Cooper C, Gregory A, (editors) Advances in mergers and acquisitions Elsevier Science New York USA pp 7 – 42.

281. Agrawal A, Jaffe J F 2002 The post-merger performance puzzle in Cooper C, Gregory A (editors) Advances in mergers and acquisitions vol 1 Elsevier Science NY USA pp 7 – 41.

282. Alford A W 1992 The effect of the set of comparable firms on the accuracy of the price-earnings valuation method Journal of Accounting Research 30 pp 94 – 108.

283. Berger A N, Humphrey D B 1992 Megamergers in banking and the use of cost efficiency as an antitrust defense Antitrust Bulletin 37 pp 541 – 600.

284. Berger A N, Mester L 1997 Inside the black box: What explains the differences in the efficiencies of financial institutions? Federal Reserve Board Working Paper 97 – 1 USA.

285. Berger A N, Saunders A, Scalise J M, Udell G F 1997 The effect of bank mergers and acquisitions on small business lending mimeo Federal Reserve Board USA.

286. Berger A N, Saunders A, Scalise J M, Udell G F 1998 The effects of bank mergers and acquisitions on small business lending Journal of Financial Economics 50 pp 187 – 229.

287. Berger A N 1998 The efficiency effects on bank mergers and acquisition: A preliminary look at the 1990s data in Amihud Y, Miller G (editors) Bank mergers and acquisitions Kluwer Academic Publishers Boston USA.

288. Berger A N, DeYoung R, Hesna G, Udell G F 1999 Globalization of financial institutions: Evidence from cross-border banking performance Federal Reserve Bank of Chicago Working Paper 99 – 25 Chicago USA.

289. Berger A N, Demsetz R S, Strahan P E 1999 The consolidation of the financial services industry: Causes, consequences, and implications for the future Journal of Banking and Finance 23 pp 135 – 190.

290. Brush C, Vanderwerf P 1992 A comparison of methods and sources for obtaining estimates of new venture performance Journal of Business Venturing 7 (2) pp 157 – 170.

291. Brush T H 1996 Predicted change in operational synergy and post-acquisition performance of acquired businesses Strategic Management Journal 17 (1) p 124.

292. Gaudet G, Salant St 1992 The limits of monopolization through acquisition: Further results Cahiers de recherche du Département des sciences Economiques UQAM 9203 Département des sciences économiques Université du Québec à Montréal Canada.

293. Grandstrand O, Bohlin E, Oskarsson C, Sjoberg N 1992 External technology acquisition in large multi-technology corporations R&D Management 22 pp 111 – 133.

294. Healey P M, Palepu K U, Ruback R S 1992 Does corporate performance improve after mergers? Journal of Financial Economics 31 (2) pp 135 – 175.

295. Ingham H, Kran I, Lovestam A 1992 Mergers and profitability: A managerial success story Journal Management Studies 29 (2) pp 195 – 208.

296. Loderer C, Martin K 1992 Post-acquisition performance of acquiring firms Financial Management 21 (3) pp 69 – 80.

297. Shanley M T, Correa M E 1992 Agreement between top management teams and expectations for post acquisition performance Strategic Management Journal 13 (4) pp 245 – 266.

298. Srnivasan A 1992 Are there cost savings from bank mergers? Economic Review Federal Reserve Bank of Atlanta 77 March-April pp 17 – 28.

299. United States Department of Justice 1992 Federal merger guidelines United States Department of Justice Washington DC USA.

300. Cannella A A, Hambrick D C 1993 Effects of executive departures on the performance of acquired firms Strategic Management Journal 14 pp 137 – 152.

301. Cotterill R W 1993 Food retailing: mergers, leveraged buyouts, and performance in Industry Studies Duetsch L L (editor) Englewood Cliffs NJ Prentice Hall USA.

302. Cotterill R W 2002 An antitrust economic analysis of stop & shop’s proposed acquisition of the big V shop rite supermarket chain Research Report no 63 Food Marketing Policy Center Department of Agricultural and Resource Economics University of Connecticut USA http://www.are.uconn.edu/FMKTC.html .

303. Gibbs P A 1993 Determinants of corporate restructuring: The relative importance of corporate governance, takeover threat, and free cash flow Strategic Management Journal 14 pp 51 – 68.

304. Hambrick D C, Cannella A A Jr 1993 Relative standing: A framework for understanding departures of acquired executives Academy of Management Journal 36 (4) pp 733 – 762.

305. Kim E H, Singal V 1993 Mergers and market power: Evidence from the airline industry The American Economic Review 83 (3) pp 549 – 569.

306. Linder J C, Crane D B 1993 Bank mergers: Integration and profitability Journal of Financial Services Research 7 pp 35 - 55.

307. Neven D, Nuttall R, Seabright P 1993 Merger in daylight: The economics and politics of European merger control Centre for Economic Policy Research London UK.

308. Rhoades S A 1993 Efficiency effects of horizontal bank mergers Journal of Banking and Finance 17 pp 411 – 422.

309. Rhoades S A 1994a A summary of merger performance studies in banking, 1980-93, and an assessment of the “operating performance” and “event study” methodologies Federal Reserve Board Staff Study 167 USA.

310. Rhoades S A 1994b A summary of merger performance studies in banking, 1980-93and an assessment of the ‘operating performance’ and ‘event study’ methodologies The Federal Reserve Bulletin 80 (7) pp 588 – 590.

311. Schrantz M S 1993 Takeovers improve performance: Evidence from the banking industry Journal of Political Economy 101 pp 299 – 326.

312. Song M, Walking R 1993 The impact of managerial ownership on acquisition attempts and target shareholder wealth Journal of Financial and Quantitative Analysis 28 pp 439 – 457.

313. Bruton G D, Oviatt B M, White M A 1994 Performance of acquisitions of distressed firms Academy of Management Journal 37 pp 972 – 989.

314. Chakrabarti A, Hauschildt J, Suverkup C 1994 Does it pay to acquire technological firms R&D Management 24 (1) pp 47 – 56.

315. Clark K, Ofek E 1994 Mergers as a means of restructuring distressed firms: An empirical investigation Journal of Financial & Quantitative Analysis 29 (4) pp 541 – 569.

316. Houston J F, Ryngaert M D 1994 The overall gains from large bank mergers Journal of Banking and Finance 18 pp 1155 – 1176.

317. Houston J, James C, Ryngaert M 2001 Where do merger gains come from? Bank mergers from the perspective of insiders and outsiders Journal of Financial Economics 60 pp 285 – 331.

318. Hudson B 1994 Innovation through acquisition Cornell HRA Quarterly 34 pp 82 – 87.

319. Kesner I F, Shapiro D, Sharma A 1994 Brokering mergers: An agency theory perspective on the role of representatives The Academy of Management Journal 37 (3) pp 703 – 721.

320. Madura J, Wiant K J 1994 Long-term valuation effects of bank acquisitions Journal of Banking and Finance 18 (6) pp 1135 – 1154.

321. Markides C C, Ittner C D 1994 Shareholder benefits from corporate international diversification: Evidence from US international acquisitions Journal of International Business Studies 25 (2) pp 343 – 366.

322. Pablo A 1994 Determinants of acquisition integration level: A decision-making perspective The Academy of Management Journal 37 (4) pp 803 – 836.

323. Smith R, Kim J H 1994 The combined effects of fee cash flow and financial slack on bidder and target stock returns Journal of Business 67 pp 281 – 310.

324. Werden G J, Froeb L M 1994 The effects of mergers in differentiated products industries: Logit demand and merger policy Journal of Law, Economics, & Organization 194 pp 407 – 426.

325. Christensen C, Rosenbloom R 1995 Explaining the attacker’s advantage: Technological paradigms, organizational dynamics, and the value network Research Policy 24 pp 233 – 257.

326. Collins J, Kemsley D, Shackelford D 1995 Tax reform and foreign acquisitions: A microanalysis National Tax Journal 48 (1) pp 1 – 21.

327. Derhy A 1995 Les fusions et acquisitions en France de 1959 à 1992: Evolution et caractéristiques Revue d'économie industrielle vol 73 3e trimestre pp 19 – 44 http://dx.doi.org/10.3406/rei.1995.1583 , http://www.persee.fr/web/revues/home/prescript/article/rei_0154-3229_1995_num_73_1_1583 .

328. Gerpott T J 1995 Successful integration of R&D functions after acquisition: An exploratory empirical study R&D Management 25 pp 161 – 178.

329. Gilbert R J, Sunshine S C 1995 Incorporating dynamic efficiency concerns in merger analysis: The use of innovation markets Antitrust Law Journal 63 pp 569 – 601.

330. Gilbert J R, Tom W K 2001 Is innovation king at the antitrust agencies?: The intellectual property guidelines five years later Antitrust Law Journal 69 pp 43 – 86.

331. Gilbert R J 2006 Competition and innovation Journal of Industrial Organization Education 1 pp 1 – 23.

332. Kaplan S N, Ruback R S 1995 The valuation of cash flow forecasts: An empirical analysis. The Journal of Finance 50 pp 1059 – 1093.

333. Long N V, Vousden N 1995 The effects of trade liberalization on cost-reducing horizontal mergers Review of International Economics 3 pp 141 – 155.

334. Sudarsanam P S 1995 Cross-border acquisitions in The essence of mergers and acquisitions Prentice Hall Essence of Management Series Prentice Hall New York USA.

335. Zhang H 1995 Wealth effects of U.S. bank takeovers Applied Financial Economics 55 pp 329 – 336.

336. Brush T H 1996 Predicted change in operational synergy and post-acquisition performance of acquired businesses Strategic Management Journal 17 (1) pp 1 – 24.

337. Esty B, Narasimhan B, Tufano P 1996 Interest-rate exposure and bank mergers Working paper Department of Finance Pennsylvania University USA.

338. Franks J, Mayer C 1996 Hostile takeovers and the correction of managerial failure Journal of Financial Economics vol 40 no 1 pp 163 – 181.

339. Freixas X, Rochet J C 1996 Microeconomics of banking MIT Press Cambridge Massachusetts USA.

340. Gerstein F S 1996 Private communications on M&A transactions strategies Brighton UK.

341. Mitchell M L, Mulherin J H 1996 The impact of industry shocks on takeover and restructuring activity Journal of Financial Economics 41 (2) pp 193 – 229.

342. Pilloff S J 1996 Performance changes and shareholder wealth creation associated with mergers of publicly traded banking institutions Journal of Money, Credit, and Banking 28 pp 294 – 310.

343. Schwert G W 1996 Markup pricing in mergers and acquisitions Journal of Financial Economics 41 (2) pp 153 – 162.

344. Schwert G W 2000 Hostility in takeovers: In the eye of the beholder Journal of Finance 55 pp 2599 – 2640.

345. Servaes H 1996 The value of diversification during the conglomerate merger wave The Journal of Finance 51 pp 1201 – 1225.

346. Shapiro C 1996 Mergers with differentiated products Antitrust 10 pp 23 - 30.

347. Vennet R V 1996 The effect of mergers and acquisitions on the efficiency and profitability of EC credit institutions Journal of Banking and Finance 20 (9) pp 1531 – 1558.

348. Vermeulen F, Barkema H 1996 Learning through acquisitions Academy of Management Journal 44 (3) pp 457 – 476.

349. Weber Y 1996 Corporate cultural fit and performance in mergers and acquisitions Human Relations 49 (9) pp 1181 – 1203.

350. Akhavein J D, Berger A N, Humphrey D B 1997 The effects of megamergers on efficiency and prices: Evidence from a bank profit function Review of Industrial Organization 12 pp 95 – 139.

351. Anand J, Singh H 1997 Asset redeployment, acquisitions and corporate strategy in declining industries Strategic Management Journal 18 pp 99 – 118.

352. Bergh D 1997 Predicting divestiture of unrelated acquisitions: An integrative model of ex ante conditions Strategic Management Journal 18 pp 715 – 731.

353. Capron L, Mitchell W 1997 Outcomes of international telecommunications acquisitions: Analysis of four cases with implications for acquisitions theory European Management Journal 15 (3) pp 237 – 251.

354. Capron L, Mitchell W 1998 Bilateral resource redeployment and capabilities improvement following horizontal acquisitions Industrial Corporate Change 7 pp 453 – 484.

355. Capron L, Dussauge P, Mitchell W 1998 Resource redeployment following horizontal acquisitions in Europe and North America, 1988 – 1992 Strategic Management Journal 19 pp 631 – 661.

356. Capron L 1999a The long-term performance of horizontal acquisitions Strategic Management Journal 20 pp 987 – 1018.

357. Capron L 1999b The long-term performance of horizontal acquisitions: Empirical evidence of US and European firms INSEAD Switzerland.

358. Capron L, Hulland J 1999 Redeployment of brands, sales forces, and general marketing management expertise following horizontal acquisitions: A resource-based view Journal of Marketing 63 pp 41 – 54.

359. Capron L, Pistre N 2002 When do acquirers earn abnormal returns? Strategic Management Journal 23 pp 781 – 794.

360. Collins D W, Maydew E L, Weiss I S 1997 Changes in the value-relevance of earnings and book values over the past forty years Journal of Accounting and Economics 24 pp 39 – 67.

361. Covin T J, Kolenko T A, Sightler K W, Tudor R K 1997 Leadership style and post-merger satisfaction Journal of Management Development 16 (1) pp 22 – 33.

362. Fubini D, Price C, Zollo M 1997 Mergers: Leadership, performance and corporate health Palgrave Publishers London UK.

363. Hayward M L A, Hambrick D C 1997 Explaining the premium paid for large acquisitions: Evidence of CEO hubris Administrative Science Quarterly 42 (1) pp 103 – 127.

364. Hayward M L A 2002 When do firms learn from their acquisition experience? Evidence from 1990–1995 Strategic Management Journal 23 (1) pp 21 – 39.

365. Head K, Ries J 1997 International mergers and welfare under decentralized competition policy Canadian Journal of Economics 30 pp 1104 – 1123.

366. Holl P, Kyriazis D 1997 Wealth creation and bid resistance in UK takeover bids Strategic Management Journal 18 pp 483 – 498.

367. Klemperer P 1997 Auctions with almost common values: The "wallet game" and its applications European Economic Review 42 (3-5) pp 757 – 769 www.nuff.ox.ac.uk/economics/people/klemperer.htm .

368. Kroll M, Wright P, Toombs L, Leavell H 1997 Form of control: A critical determinant of acquisition performance and CEO rewards Strategic Management Journal 18 (2) pp 85 – 96.

369. Krug J A, Hegarty W H 1997 Post-acquisition turnover among US top management teams: An analysis of the effects of foreign vs domestic acquisitions of US targets Strategic Management Journal vol 18 no 8 pp 667 – 675.

370. Krug J A, Hegarty W H 2001 Predicting who stays and leaves after an acquisition: A study of top managers in multinationals Strategic Management Journal 22 (2) pp 185 – 196.

371. Loughran T, Vijh A M 1997 Do long term shareholders benefit from corporate acquisitions? Journal of Finance 52 (5) pp 1759 – 1790.

372. Megginson W, Morgan A, Nail L 1997 Corporate focus and corporate acquisitions: Theory and evidence Working Paper University of Georgia USA.

373. Powell R G 1997 Modeling takeover likelihood Journal of Business Finance & Accounting 24 (7/8) pp 1009 – 1030.

374. Ramaswamy K 1997 The performance impact of strategic similarity in horizontal mergers: Evidence from the US banking industry Academy of Management Journal 40 (3) pp 697 – 715.

375. Rosenberg E 1997 Telecommunications mergers and acquisitions: Key policy issues and options for state regulators The National Regulatory Research Institute USA.

376. Siegel D S, Waldman D A, Youngdahl W E 1997 The adoption of advanced manufacturing technologies: Human resource management implications IEEE Transactions on Engineering Management vol 44 no 3 pp 288 – 298.

377. Siegel D S 1999 Skill-biased technological change: Evidence from a firm-level survey Upjohn W E Institute Press Upjohn W E Institute for Employment Research Kalamazoo MI USA.

378. Siegel D S, Simons K L, Lindstrom Th 2005 Ownership change, productivity, and human capital: New evidence from matched employer-employee data in Swedish manufacturing NBER/CRIW Conference on “Producer Dynamics: New Evidence from Micro Data” Bethesda MD USA April 8 – 9 2005.

379. Siegel D S, Simons K L 2006 Assessing the effects of mergers and acquisitions on firm performance, plant productivity, and workers: New evidence from matched employer-employee data Working Papers in Economics Number 0601 Department of Economics Rensselaer Polytechnic Institute NY USA http://www.rpi.edu/dept/economics/ .

380. Siegel D S, Simons K L 2008 Evaluating the effects of mergers and acquisitions on employees: Evidence from matched employer-employee data Working Papers in Economics Number 0804 Department of Economics, Rensselaer Polytechnic Institute NY USA http://www.rpi.edu/dept/economics/ .

381. Siegel D, Simons K L 2010 Assessing the effects of mergers and acquisitions on firm performance, plant productivity, and workers: New evidence from matched employer-employee data Strategic Management Journal 31 pp 903 – 916.

382. Marsh J, Siegel D S, Simons K 2007 Assessing the effects of mergers and acquisitions on women and minority employees: New evidence from matched employer-employee data International Journal of the Economics of Business 14 pp 161 – 179.

383. Sirower M L 1997 The synergy trap: How companies lose the acquisition game Free Press New York USA.

384. Stavros P 1997 Do mergers improve the X-efficiency and scale efficiency of US vanks? Evidence from the 1980s Journal of Money, Credit and Banking 29 (3) pp 326 – 337.

385. Walraven N 1997 Small business lending by banks involved in mergers Finance and Discussion Series 97-25 Federal Reserve Board Washington DC USA.

386. Barkema H G, Vermeulen F 1998 International expansion through start-up or acquisitions: A learning perspective Academic Management Journal 41 pp 7 – 26.

387. Boyd J H, Graham S L 1998 Consolidation in US banking: Implications for efficiency and risk in Amihud Y, Miller G (editors) Bank mergers and acquisitions Kluwer Academic Publishers Boston USA.

388. Bulow J, Huang M, Klemperer P 1998, 1999 Toeholds and takeovers Journal of Political Economy 107 (3) pp 427 – 454.

389. Chang S 1998 Takeovers of privately held targets, methods of payments, and bidder returns Journal of Finance 53 pp 773 – 784.

390. Cole R, Walraven N 1998 Banking consolidation and the availability of credit to small businesses MPRA Paper no 4716 Munich University Munich Germany pp 1 – 25 http://mpra.ub.uni-muenchen.de/4716/ .

391. Falvey R 1998 Mergers in open economies The World Economy 21 pp 1061 – 1076.

392. Gonzalez P, Vasconcellos G M, Kish R J 1998 Cross- border mergers and acquisitions: The undervaluation hypothesis The Quarterly Review of Economics and Finance 38 (1) pp 25 – 45.

393. Hadlock Ch J, Houston J F, Ryngaert M D 1998 The role of managerial incentives in bank acquisitions The consolidation of the financial services industry Federal Reserve Bank of New York NY USA.

394. Jamison M A 1998 Emerging patterns in global telecommunications alliances and mergers Industrial and Corporate Change 7 (4) pp 695 – 713.

395. Larsson R, Finkelstein S 1999 Integrating strategic, organizational, and human resource perspectives on mergers and acquisitions: A case survey of synergy realization Organization Science 10 pp 1 – 26.

396. Larsson R, Brousseau K, Driver M, Sweet P 2004 The secrets of merger and acquisition success: A co-competence and motivational approach to synergy realization in Pablo A, Javidan M (editors) Mergers and acquisitions: Creating integrative knowledge Blackwell Publishing Malden MA USA pp 3 – 19.

397. Lieberman M, Montgomery D 1998 First-mover (dis)advantages: Retrospective and link with the resource-based view Strategic Management Journal 19 pp 1111 – 1125.

398. Maquieria C, Megginson W, Nail J 1998 Wealth creation versus wealth redistribution in pure stock-for-stock mergers Journal of Financial Economics 48 pp 3 – 33.

399. Morosini P, Shane S, Singh H 1998 National cultural distance and cross-border acquisition performance Journal of International Business Studies 29 (1) pp 137 – 158.

400. Piloff S J, Santomero A M 1998 The value effects of bank mergers and acquisitions in Amihud Y, Miller G (editors) Bank Mergers & Acquisitions Kluwer Academic Publishers.

401. Prager R A, Hannan H T 1998 Do substantial horizontal mergers generate significant price effects? Evidence from the Banking Industry Journal of Industrial Economics 46 pp 433 – 452.

402. Rau P R, Vermaelen T 1998 Glamour, value and the post-acquisition performance of acquiring firms Journal of Financial Economics 49 (2) pp 223 - 253.

403. Resti A 1998 Regulation can foster mergers, can mergers foster efficiency? The Italian case. Journal of Economics and Business 50 (2) pp 157 – 169.

404. Rhoades S 1998 The efficiency effects of bank mergers: An overview of case studies of nine mergers Journal of Banking and Finance 22 pp 273 – 291.

405. Andrade G, Stafford E 1999 Investigating the economic role of mergers Harvard University Working Paper Harvard University Cambridge USA.

406. Andrade G, Mitchell M, Stafford E 2001 New evidence and perspectives on mergers Journal of Economic Perspectives 15 (2) pp 103 – 120.

407. Andrade G, Stafford E 2004 Investigating the economic role of mergers Journal of Corporate Finance vol 10 (1) pp 1 – 36.

408. Boot A W A 1999 European lessons on consolidation in banking Journal of Banking and Finance 23 pp 609 – 613.

409. Bresman H, Birkinshaw J, Nobel R 1999 Knowledge transfer in international acquisitions Journal of International Business Studies 30 (3) pp 439 – 462.

410. Brown S, Lo K, Lys T 1999 Use of R2 in accounting research: Measuring changes in value relevance over the last four decades Journal of Accounting and Economics 28 pp 83 – 115.

411. Beatty R P, Riffe S M, Thompson R 1999 The method of comparables and tax court valuations of private firms: An empirical investigation Accounting Horizons 13 pp 177 – 199.

412. Bresman H, Birkinshaw J, Nobel R 1999 Knowledge transfer in international acquisitions Journal of International Business Studies 30 (3) pp 439 – 462.

413. Chadhuri S, Tabrizi B 1999 Capturing the real value in high-tech acquisitions Harvard Business Review 77 (5) p 123.

414. Dechow P M, Hutton A P, Sloan R G 1999 An empirical assessment of the res