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- catalog abstract "It has been argued that the mergers and acquisitions observed in the 1990s improved market efficiency by capturing synergies between the firms. However, mergers between firms also impose externalities (both positive and negative) on the remaining industry. This paper describes a new equilibrium concept designed to explain and predict bargaining in this setting. We experimentally compare the predictive power of the new equilibrium concept in situations without and with externalities to that of competing concepts. We also examine other predictions of the new concept including the dynamics of mergers and outcome implications of those dynamics. Our experimental results support the predictions of the equilibrium concept and provide an organizing explanation for previously observed inconsistent results in event studies.".
- catalog contributor b12944861.
- catalog contributor b12944862.
- catalog contributor b12944863.
- catalog contributor b12944864.
- catalog contributor b12944865.
- catalog created "c2002.".
- catalog date "2002".
- catalog date "c2002.".
- catalog dateCopyrighted "c2002.".
- catalog description "Includes bibliographical references.".
- catalog description "It has been argued that the mergers and acquisitions observed in the 1990s improved market efficiency by capturing synergies between the firms. However, mergers between firms also impose externalities (both positive and negative) on the remaining industry. This paper describes a new equilibrium concept designed to explain and predict bargaining in this setting. We experimentally compare the predictive power of the new equilibrium concept in situations without and with externalities to that of competing concepts. We also examine other predictions of the new concept including the dynamics of mergers and outcome implications of those dynamics. Our experimental results support the predictions of the equilibrium concept and provide an organizing explanation for previously observed inconsistent results in event studies.".
- catalog extent "38 p. :".
- catalog isPartOf "Working paper (Harvard Business School. Division of Research) ; 02-101.".
- catalog isPartOf "Working paper / Division of Research, Harvard Business School ; 02-101".
- catalog issued "2002".
- catalog issued "c2002.".
- catalog language "eng".
- catalog publisher "[Boston] : Division of Research, Harvard Business School,".
- catalog title "Mergers and acquisitions : an experimental analysis of synergies, externalities and dynamics / Rachel T.A. Croson, Armando R. Gomes, Kathleen L. McGinn, Markus Nöth.".
- catalog type "text".