Quotation Furlan, Benjamin and Oberhofer, Harald and Winner, Hannes. 2016. A Note on Merger and Acquisition Evaluation. Industrial and Corporate Change (ICC) 25 (3): S. 447-455.



This note proposes the continuous treatment approach as a valuable alternative to propensity score matching for evaluating economic effects of merger and acquisitions (M&As). This framework allows considering the variation in treatment intensities explicitly, and it does not call for an arbitrary definition of cutoff values in traded ownership shares 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. The empirical exercise reveals some heterogeneities over the whole distribution of acquired ownership shares and across different types of M&As and country groups.


Publication's profile

Status of publication Published
Affiliation WU
Type of publication Journal article
Journal Industrial and Corporate Change (ICC)
Citation Index SSCI
WU-Journal-Rating new FIN-A, MAN-A, STRAT-B, VW-C, WH-B
Language English
Title A Note on Merger and Acquisition Evaluation
Volume 25
Number 3
Year 2016
Page from 447
Page to 455
Reviewed? Y
DOI http://dx.doi.org/10.1093/icc/dtv033


Oberhofer, Harald (Details)
Furlan, Benjamin (Universit├Ąt Salzburg, Austria)
Winner, Hannes (Universit├Ąt Salzburg, Austria)
Institute for International Economics IN (Details)
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