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Effekte von Fusionen in Kontinentaleuropa und Deutschland

Author

Listed:
  • Klaus Gugler
  • Dennis C. Mueller
  • B. Burcin Yurtoglu
  • Christine Zulehner

Abstract

This paper takes a look at the effects of mergers in continental Europe over the past 15 years. We use a large panel of data on mergers to test several hypotheses. The effects of the mergers are examined by comparing the performance of the merging firms with control groups of non-merging and/or by controlling for changes in economic conditions by using common stock indices and the like. Comparisons are made on profitability, market values and sales. The results show that mergers on average do not result in significant increases in profits, but reduce sales of the merging firms and the value to their shareholders.

Suggested Citation

  • Klaus Gugler & Dennis C. Mueller & B. Burcin Yurtoglu & Christine Zulehner, 2001. "Effekte von Fusionen in Kontinentaleuropa und Deutschland," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 70(2), pages 204-213.
    • Handle: RePEc:diw:diwvjh:70-20-4
    DOI: 10.3790/vjh.70.2.204
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    References listed on IDEAS

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    1. Mueller, Dennis C, 1985. "Mergers and Market Share," The Review of Economics and Statistics, MIT Press, vol. 67(2), pages 259-267, May.
    2. Gugler, Klaus & Mueller, Dennis C. & Yurtoglu, B. Burcin & Zulehner, Christine, 2003. "The effects of mergers: an international comparison," International Journal of Industrial Organization, Elsevier, vol. 21(5), pages 625-653, May.
    3. Dean F. Amel & Stephen A. Rhoades, 1989. "Empirical Evidence on the Motives for Bank Mergers," Eastern Economic Journal, Eastern Economic Association, vol. 15(1), pages 17-27, Jan-Mar.
    4. Goldberg, Lawrence G, 1973. "The Effect of Conglomerate Mergers on Competition," Journal of Law and Economics, University of Chicago Press, vol. 16(1), pages 137-158, April.
    5. Healy, Paul M. & Palepu, Krishna G. & Ruback, Richard S., 1992. "Does corporate performance improve after mergers?," Journal of Financial Economics, Elsevier, vol. 31(2), pages 135-175, April.
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