Publications Database

Welcome to the new Schulich Peer-Reviewed Publication Database!

The database is currently in beta-testing and will be updated with more features as time goes on. In the meantime, stakeholders are free to explore our faculty’s numerous works. The left-hand panel affords the ability to search by the following:

  • Faculty Member’s Name;
  • Area of Expertise;
  • Whether the Publication is Open-Access (free for public download);
  • Journal Name; and
  • Date Range.

At present, the database covers publications from 2012 to 2020, but will extend further back in the future. In addition to listing publications, the database includes two types of impact metrics: Altmetrics and Plum. The database will be updated annually with most recent publications from our faculty.

If you have any questions or input, please don’t hesitate to get in touch.

 

Search Results

Larkin, Y. and Lyandres, E. (2019). "Inefficient Mergers", Journal of Banking and Finance, 108.

View Paper

Keywords
Abstract Although complementarity between products and/or technologies of bidders and targets is considered a key driver of M&A deals, many observed mergers are inefficient: Complementarity gains in actual mergers are lower than the gains that could have been obtained were the targets acquired by different bidders. In this paper we propose a possible reason for the existence of inefficient mergers, which is based on search and information frictions. Our model examines three such frictions: target’s obsolescence risk, difficulties in evaluating complementarity gains, and competitive interaction among potential bidders in output markets. We test the model’s predictions using two established measures of complementarity gains in mergers: product similarity and technological overlap. Both sets of tests indicate that the degree of inefficiency in observed M&As is related to targets’ and bidders’ characteristics in ways consistent with the model’s predictions. More generally, our results suggest that search and value discovery are important determinants of merger outcomes.