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| Author: | Kursten, W. |
| Title: | Synergetische Merger, Co-Insurance und Shareholder Value |
| Journal: | Betriebswirtschaft
2003 : MAY-JUN, VOL. 63:3, p. 239-256 |
| Index terms: | FINANCE MERGERS INSURANCE SHAREHOLDERS ANALYTICAL REVIEW |
| Language: | ger |
| Abstract: | This paper addresses the wealth effects of non-synergetic and synergetic mergers on the position of the shareholders. In a uniform model, it is shown that shareholders' welfare loss from the coinsurance-effect may, but need not be, dominated by positive synergetic gains. Thus, the common view of synergies as a sufficient condition for an increasing shareholder value after the merger is generally invalid. Possible incentive problems under asymmetric information are also affected by mergers and synergies, which creates another impact of mergers on shareholder value. In the opposite direction, positive synergies themselves may result from a merger- induced amelioration of agency-problems (original in German). |
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