Merge or Fail? The Determinants of Mergers and Bankruptcies in Switzerland, 1995-2000
AbstractThis paper examines the determinants of mergers and bankruptcies, using firm level data from the Swiss Business Census and the Dun & Bradstreet exit database for Switzerland (1995-2000). Employing duration analysis, we find considerable differences in the determinants of mergers and bankruptcies, in particular with respect to firm size, location and the impact of macroeconomic conditions. Our results support the notion that mergers are often undertaken to seize growth opportunities.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by Socioeconomic Institute - University of Zurich in its series SOI - Working Papers with number 0506.
Length: 18 pages
Date of creation: Mar 2005
Date of revision:
Publication status: Published in Letters 90(1), 2005, pages 88-95
merger; bankruptcy; failure; survival; exit;
Other versions of this item:
- Buehler, Stefan & Kaiser, Christian & Jaeger, Franz, 2006. "Merge or fail? The determinants of mergers and bankruptcies in Switzerland, 1995-2000," Economics Letters, Elsevier, vol. 90(1), pages 88-95, January.
- C41 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Duration Analysis; Optimal Timing Strategies
- L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General
- L20 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - General
This paper has been announced in the following NEP Reports:
- NEP-ALL-2006-02-12 (All new papers)
- NEP-ENT-2006-02-12 (Entrepreneurship)
- NEP-TID-2006-02-12 (Technology & Industrial Dynamics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- David C. Wheelock & Paul W. Wilson, 2000.
"Why do Banks Disappear? The Determinants of U.S. Bank Failures and Acquisitions,"
The Review of Economics and Statistics,
MIT Press, vol. 82(1), pages 127-138, February.
- David C. Wheelock & Paul W. Wilson, 1995. "Why do banks disappear? The determinants of U.S. bank failures and acquisitions," Working Papers 1995-013, Federal Reserve Bank of St. Louis.
- Buehler Stefan & Kaiser Christian & Jaeger Franz, 2005.
"Competition Policy and Exit Rates: Evidence from Switzerland,"
The B.E. Journal of Economic Analysis & Policy,
De Gruyter, vol. 4(1), pages 1-30, November.
- Stefan Buehler & Christian Kaiser & Franz Jaeger, 2004. "Competition Policy and Exit Rates: Evidence from Switzerland," SOI - Working Papers 0405, Socioeconomic Institute - University of Zurich, revised Apr 2005.
- Mata, Jose & Portugal, Pedro, 1994. "Life Duration of New Firms," Journal of Industrial Economics, Wiley Blackwell, vol. 42(3), pages 227-45, September.
- David Audretsch & Patrick Houweling & A. Thurik, 2000. "Firm Survival in the Netherlands," Review of Industrial Organization, Springer, vol. 16(1), pages 1-11, February.
- Simon Loertscher & Yves Schneider, 2005.
"Switching Costs, Firm Size, and Market Structure,"
SOI - Working Papers
0508, Socioeconomic Institute - University of Zurich.
- Balcaen, S. & Manigart, S. & Ooghe, H., 2009.
"From Distress to exit: determinants of the time to exit,"
Vlerick Leuven Gent Management School Working Paper Series
2009-12, Vlerick Leuven Gent Management School.
- Sofie Balcaen & Sophie Manigart & Hubert Ooghe, 2011. "From distress to exit: determinants of the time to exit," Journal of Evolutionary Economics, Springer, vol. 21(3), pages 407-446, August.
- S. Balcaen & S. Manigart & H. Ooghe, 2009. "From distress to exit: determinants of the time to exit," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 09/588, Ghent University, Faculty of Economics and Business Administration.
- S. Balcaen & J. Buyze & H. Ooghe, 2009.
"Financial distress and firm exit: determinants of involuntary exits, voluntary liquidations and restructuring exits,"
Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium
09/598, Ghent University, Faculty of Economics and Business Administration.
- Balcaen,S. & Buyze, J. & Ooghe,H., 2009. "Financial distress and firm exit: determinants of involuntary exits, voluntary liquidations and restructuring exits," Vlerick Leuven Gent Management School Working Paper Series 2009-21, Vlerick Leuven Gent Management School.
- Bernd Ebersberger, 2011. "Public funding for innovation and the exit of firms," Journal of Evolutionary Economics, Springer, vol. 21(3), pages 519-543, August.
- Ioannis Asimakopoulos & Dionysis Lalountas & Costas Siriopoulos, 2008. "The determinants for the survival of firms in the Athens Exchange," Economic Bulletin, Bank of Greece, Economic Research Department, issue 31, pages 07-30, November.
- Cefis, Elena & Marsili, Orietta, 2012. "Going, going, gone. Exit forms and the innovative capabilities of firms," Research Policy, Elsevier, vol. 41(5), pages 795-807.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Marita Kieser).
If references are entirely missing, you can add them using this form.