A note on merger and acquisition evaluation

Arbeitspapier

This note proposes the continuous treatment approach as a valuable alternative to propensity score matching for evaluating economic effects of merger and acquisitions (M&A). This framework allows to consider the variation in treatment intensities explicitly, and it does not call for the definition of cut-off values in traded ownership shares in order to construct a binary treatment indicator. We demonstrate the usefulness of this approach using data from European M&As and by relying on the example of post-M&A employment effects.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: Working Papers in Economics and Finance ; No. 2014-02

Classification and Topics

• Classification: Wirtschaft ; Single Equation Models; Single Variables: Cross-Sectional Models; Spatial Models; Treatment Effect Models; Quantile Regressions ; Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance ; Firm Performance: Size, Diversification, and Scope
• Subject: Merger and acquisition evaluation ; continuous treatment models ; generalized propensity score matching ; employment effects

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Furlan, Benjamin ; Oberhofer, Harald ; Winner, Hannes
• Event: Veröffentlichung
• (who): University of Salzburg, Department of Social Sciences and Economics
• (where): Salzburg
• (when): 2014

Further information

• Handle: http://hdl.handle.net/10419/100640
• Last update: 10.03.2025, 11:44 AM CET