A Note on Merger and Acquisition Evaluation

Benjamin Furlan (benjamin.furlan@sbg.ac.at), Harald Oberhofer and Hannes Winner
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Benjamin Furlan: University of Salzburg

No 2014-2, Working Papers in Economics from University of Salzburg

Abstract: 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.

Keywords: Merger and acquisition evaluation; continuous treatment models; generalized propensity score matching; employment effects (search for similar items in EconPapers)
JEL-codes: C21 G34 L25 (search for similar items in EconPapers)
Pages: 11 pages
Date: 2014-03-07
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Journal Article: A note on merger and acquisition evaluation (2016)
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