Geoffrey G. Parker, G. Petropoulos, Marshall W. Van Alstyne
{"title":"Platform Mergers and Antitrust","authors":"Geoffrey G. Parker, G. Petropoulos, Marshall W. Van Alstyne","doi":"10.2139/ssrn.3763513","DOIUrl":"https://doi.org/10.2139/ssrn.3763513","url":null,"abstract":"\u0000 Should internet era merger policy differ from industrial era merger policy? Platform ecosystems rely on economies of scale, data-driven economies of scope, high-quality algorithmic systems, and strong network effects that frequently promote winner-take-most markets. Their market dominance has generated competition concerns that appear difficult to assess with traditional merger policy tools. This paper examines the acquisition strategies of the five major U.S. platforms—Google, Amazon, Facebook, Apple, and Microsoft—since their inception. We discuss the main merger and acquisition theories of harm and how these operate differently than in the past. To address merger and acquisition concerns of multi-sided platforms, we develop four proposals that incorporate (i) a new ex ante regulatory framework, (ii) an update of the conditions under which the notification of mergers should be compulsory and the burden of proof should be reversed, (iii) differential regulatory priorities in investigating horizontal versus vertical acquisitions, and (iv) an update of competition enforcement tools to increase visibility into market data and trends.","PeriodicalId":238148,"journal":{"name":"ERPN: Merger (Sub-Topic)","volume":"83 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-01-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124420268","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Payment Methods in Mergers and Acquisitions: A Theoretical Framework","authors":"B. P. B. Sankar, N. M. Leepsa","doi":"10.5296/IJAFR.V8I1.12354","DOIUrl":"https://doi.org/10.5296/IJAFR.V8I1.12354","url":null,"abstract":"Purpose: This paper aims to review the prior literature on payment methods in Mergers and Acquisitions (M&As) and summarizing its effects on the performance of companies involved in M&As. This study also attempts to find out various determinants of the payment methods of M&As that affects the decision of payment methods in M&As. Methodology: To carry out the analysis, this study focuses the past literature relating to payment methods in M&As and summarizes the positive and negative effects of different payment methods. The review is carried out by dividing into four parts (i) Literature studies on cash payment method (ii) Literature studies on stock payment method (iii) Literature studies on mixed payment and (iv) Determinants of payment methods. The paper investigates based on the findings of the major studies. Research limitations: The scope of the study is confined to the contemporary review of M&As literature than the empirical survey. The study is focused more on giving suggestions for future work on M&As than providing conclusion. Research Implications: The knowledge gained from this study will help managers from both acquirer and target companies for selection of appropriate payment methods and improve their investment mechanism and strengthen their finances by value creation in M&As. Originality: To the authors’ knowledge this paper is the first attempt to document for summarizing the impact of different payment methods and its determinants of performance of M&As deals.","PeriodicalId":238148,"journal":{"name":"ERPN: Merger (Sub-Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-03-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131037564","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Strong Nash Equilibrium in Cournot and Bertrand Oligopolies","authors":"Maria A. Nastych","doi":"10.2139/ssrn.2801408","DOIUrl":"https://doi.org/10.2139/ssrn.2801408","url":null,"abstract":"This paper investigates the existence of strong Nash equilibria (SNE) in Cournot and Bertrand oligopoly models. Given the concavity and continuity of payoffs, I derive the necessary and sufficient conditions for the existence of SNE in these non-cooperative games.","PeriodicalId":238148,"journal":{"name":"ERPN: Merger (Sub-Topic)","volume":"512 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125372376","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"SPACs: Post-Merger Survival","authors":"Milos Vulanovic","doi":"10.2139/ssrn.2798048","DOIUrl":"https://doi.org/10.2139/ssrn.2798048","url":null,"abstract":"Purpose - The purpose of this paper is to study how institutional characteristics of specified purpose acquisition companies (SPACs) are related to their post-merger survival. SPACs are unique financial firms that conduct the initial public offering (IPO) with the sole purpose of using the proceeds to acquire another private company. The paper finds that institutional characteristics of SPACs are important in determining post-merger outcomes of new company, specifically when it comes to their survival/failure, i.e., increases in pre-merger commitment by SPAC stakeholders and initial positive market performance increase post-merger survival likelihood; on the contrary, mergers with higher transaction costs and focused on foreign companies exhibit increased likelihood of failure. Design/methodology/approach - Using unique sample of companies conducting an IPO, namely, SPACs, with the sole purpose to execute an acquisition in the future date within limited time, this paper presents additional evidence on the survival and acquisition frequency of IPOs, and determinants of these choices. Findings - Observing unique set of specified purpose companies, this paper documents that SPACs’ failure rate is at the level of 58.09 percent, higher than any previously reported failure rate in the post-IPO survival literature and comparable only to failure rates found by Hensler Originality/value - This study extends the literature on post-IPO survival in following ways. First, the paper documents survival rates for unique set of companies organized with the sole purpose to acquire another company. Second, the paper presents evidence on how institutional characteristics of SPAC determine their post-merged outcomes, specifically when it comes to their failures. Finally, paper contributes to the scant literature on SPACs providing new evidence on their post-merger outcomes and performance.","PeriodicalId":238148,"journal":{"name":"ERPN: Merger (Sub-Topic)","volume":"147 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-06-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133537068","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Geographic Distance and Corporate Acquisitions: Signals from IPO Firms","authors":"R. Ragozzino, J. Reuer","doi":"10.2139/ssrn.785915","DOIUrl":"https://doi.org/10.2139/ssrn.785915","url":null,"abstract":"This paper examines acquisitions of firms after they have undergone initial public offerings (IPOs). Combining insights from information economics with recent research on geographic distance in various market settings, the analysis investigates whether the presence or absence of different signals on IPO firms has an impact on the geographic proximity of acquirers. The central proposition we develop and test is that specific characteristics of IPOs – venture capitalist backing, investment bank reputation, and underpricing of issued shares – convey signals on these firms, which can facilitate acquisitions by more remote acquirers who are more likely to face the risk of adverse selection.","PeriodicalId":238148,"journal":{"name":"ERPN: Merger (Sub-Topic)","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133662626","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Blank Check Acquisitions","authors":"A. Tran","doi":"10.2139/ssrn.2070274","DOIUrl":"https://doi.org/10.2139/ssrn.2070274","url":null,"abstract":"Special Purpose Acquisition Companies (SPACs), a particular type of blank check firms, have risen dramatically since 2003 and account for one third of the U.S. IPO market in 2008. Compared to other public acquirers, SPACs tend to make focused acquisitions, target mostly private companies, are less likely to do cash only deals or tender offers, and less likely to complete acquisitions. SPACs exhibit a mean cumulative abnormal return of 1.7% upon deal announcement and a monthly excess return of 1.5% from deal announcement until closing. I show that SPACs make better acquisitions: they negotiate an additional 7.6% discount compared to other public acquirers that bid for private targets. The results highlight the role of specialization, ownership structure, and independent long-term institutional blockholders’ monitoring as important corporate governance mechanisms in SPACs.","PeriodicalId":238148,"journal":{"name":"ERPN: Merger (Sub-Topic)","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-11-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127103176","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Value, Valuation, and the Long-Run Performance of Merged Firms","authors":"Qingzhong Ma, David A. Whidbee, Wei Athena Zhang","doi":"10.2139/ssrn.1089242","DOIUrl":"https://doi.org/10.2139/ssrn.1089242","url":null,"abstract":"We propose an alternative measure of the long-term economic impact of mergers on firm value: post-acquisition changes in intrinsic value. Consistent with the literature on post-acquisition returns, the intrinsic value of merged firms decreases on average in the three years following deal completion, especially for firms with high initial intrinsic values. The loss of intrinsic value is driven primarily by decreases in expected earnings. Finally, using return decompositions, we find evidence that the poor post-acquisition stock returns documented in other studies can be attributed primarily to lost intrinsic value rather than changes in valuation levels.","PeriodicalId":238148,"journal":{"name":"ERPN: Merger (Sub-Topic)","volume":"51 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133437561","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Shareholders' Expectations, Aspiration Levels and Mergers","authors":"Enrico Diecidue, Jeroen van de Ven, U. Weitzel","doi":"10.2139/ssrn.1103482","DOIUrl":"https://doi.org/10.2139/ssrn.1103482","url":null,"abstract":"A carrier or receptacle for a fishing lure attached to a fishing line comprises a housing adaptable for receiving the lure and having a base, opposed side walls, and opposed end walls. The side walls and end walls extend upwardly from the base, and are substantially parallel to each other thereby forming a generally box-like structure or housing. The housing further includes a slidable cover spaced from the base and substantially parallel thereto, which is adaptable for sliding between an open and closed position, thereby providing an enclosure or container for the lure.","PeriodicalId":238148,"journal":{"name":"ERPN: Merger (Sub-Topic)","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-02-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128385471","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Antitrust Remedies - Selected Bibliography and Annotations","authors":"E. Fox, Paul J. Sirkis","doi":"10.2139/SSRN.1103601","DOIUrl":"https://doi.org/10.2139/SSRN.1103601","url":null,"abstract":"This paper was prepared as background for the American Antitrust Institute's Annual Conference in June, 2005, whose topic was Creative Antitrust Remedies. This paper contains a bibliography of general books and annotations of general articles, ABA documents, and governmental statements; followed by annotations of specific topics: monopolization, mergers, cartels, and, finally, OECD materials.","PeriodicalId":238148,"journal":{"name":"ERPN: Merger (Sub-Topic)","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2005-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129222558","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
求助内容：
应助结果提醒方式：
京公网安备 11010802042870号
