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Show Results For
-
All HBS Web
(1,403)
- People (1)
- News (152)
- Research (1,082)
- Events (5)
- Multimedia (6)
- Faculty Publications (939)
- September 2007
- Article
Do Vertical Mergers Facilitate Upstream Collusion?
By: Volker Nocke and Lucy White
We investigate the impact of vertical mergers on upstream firms' ability to collude when selling to downstream firms in a repeated game. We show that vertical mergers give rise to an outlets effect: the deviation profits of cheating unintegrated firms are reduced as...
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Nocke, Volker, and Lucy White. "Do Vertical Mergers Facilitate Upstream Collusion?" American Economic Review 97, no. 4 (September 2007): 1321–1339.
- Research Summary
Do Vertical Mergers facilitate Collusion?
Joint work with Volker Nocke, University of Pennsylvania In this paper we investigate the impact of vertical mergers on upstream firms' ability to sustain collusion. We show in a number of models that the net effect of vertical integration is to facilitate... View Details
- Research Summary
Cross-ownership, returns and voting in mergers
We show that institutional shareholders of acquiring companies on average do not lose money around public merger announcements, because they also hold substantial stakes in the targets and make up for the losses from the former with the gains from the latter. Depending...
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- January 1999
- Article
An Analysis of Value Destruction and Recovery in the Alliance and Proposed Merger of Volvo and Renault
By: Robert Bruner
Volvo's attempt to merge with Renault in 1993 temporarily destroyed SEK 8.6 billion (US$ 1.1 billion) in Volvo shareholder wealth. This study traces the destruction to hubris, managerialism, and the escalation of commitment—elements suggested in previous research. In...
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Keywords:
Mergers & Acquisitions;
Institutional Investors;
Alliances;
Privatization;
Mergers and Acquisitions;
Institutional Investing;
Auto Industry
Bruner, Robert. "An Analysis of Value Destruction and Recovery in the Alliance and Proposed Merger of Volvo and Renault." Journal of Financial Economics 51, no. 1 (January 1999): 125–166.
- May 28, 2015
- Article
The Good Merger
By: Leemore S. Dafny and Thomas H. Lee
Dafny, Leemore S., and Thomas H. Lee. "The Good Merger." New England Journal of Medicine 372, no. 22 (May 28, 2015): 2077–2079.
- January 2002 (Revised February 2002)
- Case
Valuing the AOL Time Warner Merger
By: Lynda M. Applegate, Rena Miller and John N Rei
On January 11, 2000, AOL and Time Warner announced their intention to merge, creating what AOL CEO Stephen Case and Time Warner CEO Gerald Levin called the 21st century's first fully integrated communications, media, and entertainment company. This case, prepared from...
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Keywords:
Mergers and Acquisitions;
Management Analysis, Tools, and Techniques;
Valuation;
Situation or Environment;
Media and Broadcasting Industry;
Entertainment and Recreation Industry
Applegate, Lynda M., Rena Miller, and John N Rei. "Valuing the AOL Time Warner Merger." Harvard Business School Case 802-098, January 2002. (Revised February 2002.)
- February 2004
- Article
Price Pressure Around Mergers
By: Mark Mitchell, T. Pulvino and Erik Stafford
Mitchell, Mark, T. Pulvino, and Erik Stafford. "Price Pressure Around Mergers." Journal of Finance 59, no. 1 (February 2004): 31–63. (Nominated for Brattle Prize. First Prize Paper for outstanding papers on corporate finance published in the Journal of Finance presented by Brattle Group, Inc.)
Price Anchors and Mergers and Acquisitions
Prior stock price peaks of targets affect several aspects of merger and acquisition activity. Offer prices are biased toward recent peak prices although they are economically unremarkable. An offer's probability of acceptance jumps discontinuously when it exceeds a... View Details
- 21 Apr 2017
- News
Good Riddance to Big Insurance Mergers
- 04 Jun 2019
- Working Paper Summaries
Political Influence and Merger Antitrust Reviews
Acquirer-Target Social Ties and Merger Outcomes
This paper investigates the effect of social ties between acquirers and targets on merger performance. We find that the extent of cross-firm social connection between directors and senior executives at the acquiring and the target firms has a significantly negative...
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- December 2014
- Article
The Real Product Market Impact of Mergers
By: Albert Sheen
I document sources of value creation in mergers by analyzing novel data on the quality and price of goods sold by merging firms. When two competitors in a product market merge, their products converge in quality, and prices fall relative to the competition. These...
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Sheen, Albert. "The Real Product Market Impact of Mergers." Journal of Finance 69, no. 6 (December 2014).
- August 2018
- Supplement
The Fuji-Xerox Merger (C)
By: Guhan Subramanian and Annie Zhao
Subramanian, Guhan, and Annie Zhao. "The Fuji-Xerox Merger (C)." Harvard Business School Supplement 919-006, August 2018.
- 2002
- Working Paper
Price Pressure Around Mergers
By: Mark Mitchell, Todd Pulvino and Erik Stafford
Mitchell, Mark, Todd Pulvino, and Erik Stafford. "Price Pressure Around Mergers." Harvard Business School Working Paper, No. 03-029, September 2002.
- 24 Jun 2016
- News
Health insurance mergers put consumers last
- 18 Mar 2014
- News
Massachusetts' Hard Look at Hospital Mergers
- August 2018 (Revised July 2020)
- Supplement
The Fuji-Xerox Merger (B)
By: Guhan Subramanian and Annie Zhao
Subramanian, Guhan, and Annie Zhao. "The Fuji-Xerox Merger (B)." Harvard Business School Supplement 919-005, August 2018. (Revised July 2020.)
- Article
Estimation and Identification of Merger Effects: An Application to Hospital Mergers
By: Leemore S. Dafny
Dafny, Leemore S. "Estimation and Identification of Merger Effects: An Application to Hospital Mergers." Journal of Law & Economics 52, no. 3 (August 2009): 523–550.
- August 2002
- Case
eBay (C): PayPal Merger
By: Frances X. Frei and Hanna Rodriguez-Farrar
Supplements the (A) case.
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Frei, Frances X., and Hanna Rodriguez-Farrar. "eBay (C): PayPal Merger." Harvard Business School Case 603-042, August 2002.
- February 1999
- Article
Interest-Rate Exposure and Bank Mergers
By: B. C. Esty, Bhanu Narasimhan and Peter Tufano
Esty, B. C., Bhanu Narasimhan, and Peter Tufano. "Interest-Rate Exposure and Bank Mergers." Journal of Banking & Finance 23, nos. 2-4 (February 1999): 255–285.