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| Author: | Cronson, R.T.A. (et al.) |
| Title: | Mergers and acquisitions: an experimental analysis of synergies, externalities and dynamics |
| Journal: | Review of finance
2004 : VOL. 8:4, p. 481-514 |
| Index terms: | Corporate finance Externalities Mergers Synergy |
| Language: | eng |
| Abstract: | This article examines mergers and acquisitions. They improve market efficiency because they capture synergies between companies, but they cause both positive and negative externalities on the remaining companies in the industry. The authors illustrate a new equilibrium concept designed to explain and predict takeovers. Also, they study the predicted dynamics of takeovers and outcome implications of those dynamics. |
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