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The purpose of this paper is to provide a theoretical framework for predicting the next period financial behavior of bank mergers within a statistical-oriented setting.

Bank mergers are modeled combining a discrete variant of the Smoluchowski coagulation equation with a reverse engineering method. This new approach allows to compute the correct merging probability values via the construction and solution of a multi-variable matrix equation. The model is tested on real financial data relative to US banks collected from the National Information Centre.

Bank size distributions predicted by the proposed method are much more adherent to real data than those derived from the estimation method. The proposed method provides a valid alternative to estimation approaches while overcoming some of their typical drawbacks.

Bank mergers are interpreted as stochastic processes focusing on two main parameters, that is, number of banks and asset size. Future research could expand the model analyzing the micro-dynamic taking place behind bank mergers. Furthermore, bank demerging and partial bank merging could be considered in order to complete and strengthen the proposed approach.

The implementation of the proposed method assists managers in making informed decisions regarding future merging actions and marketing strategies so as to maximize the benefits of merging actions while reducing the associated potential risks from both a financial and marketing viewpoint.

To the best of the authors’ knowledge, this is the first study where bank merging is analyzed using a dynamic stochastic model and the merging probabilities are determined by a multi-variable matrix equation in place of an estimation procedure.

The purpose of this paper is to determine the effects of the mergers and acquisitions on market prices, consumer welfare and aggregate profit of the merging firms and those of the non-merging firms and, therefore, answer the question on the overall effect of mergers and acquisitions on different performance measures on milk market using data from all the 34 licensed and active milk processors in Kenya.

A new model of analysis as developed from the Canadian Competition Policy maker, i.e. The Canadian Competition Policy merger simulation model, was used.

The study found that mergers and acquisitions lead to increase in market shares of the merging firms. The study also found that mergers and acquisitions have a significant effect on product price in the processed milk market. From the findings, the study concludes that mergers and acquisition not only lead to an increase in market shares of both merging and non-merging processed milk firms but also create market dominance due to reduction in the number of market players in the industry.

The study uses the data for the licensed and active milk processors in the industry. The dormant and the non-licensed processors are excluded. Future studies can use the farm-gate prices as opposed to final consumer prices for the processed milk market.

The study contributes toward providing information on the effect of buyouts on social welfares, prices, market share, profitability and other relevant market equilibrium performance measures in the processed milk market in Kenya.

In recent years, stock exchanges have been increasingly integrating and merging their activities at a national and international scale. While consolidation is often driven by technological, legal and competitive changes, whether merger activities are efficient in terms of market microstructure remains unknown. Academic research to date has analyzed the causes behind these mergers primarily from the technological, legal and competitive perspective, whereas relatively little literature considers their impact on the exchange itself. The paper aims to consider the case of the Euronext merger to explain this topic by studying this merger and its effect on Euronext's market risk (measured by volatility).

The paper uses a standard General Auto‐regressive Conditional Heteroskedasticity (GARCH (1,1)) process to study the volatility of the underlying markets and use break methodology to highlight the merger effects. It also adds control samples to account for any change in volatility that could be caused by factors other than the merger event.

The results suggest that the Euronext merger did not affect the market risk. In particular, the paper finds no evidence that the integration onto the same platforms for trading and clearing had a significant effect on the volatility of the merging markets.

This study contributes to clarify business issues and to guide policy makers on exchange industrial organization.

The present paper further contributes to the ongoing discussion about the drawbacks and merits of horizontal exchange integration.

In the literature of industrial organization, debate continues on the relationship between industrial structure on the one hand and competitive behavior and performance on the other. This debate is fueled by alternative explanations of the positive relationship between concentration and profitability observed in early research by Bain (1951, 1956) and subsequently by others. The original explanations were based on the view that concentration facilitates collusive behavior, and adherents to the Monopoly Power view naturally attributed the relationship to the existence of monopoly profits in concentrated industries. The counterargument proposed by Demsetz (1973) views concentration as the result of active competition by which firms are motivated to improve efficiency. In the presence of scale economies, larger firms are more efficient and, hence, more profitable than their smaller rivals. Since their larger market shares produce higher concentration, a positive relationship between industry concentration and profitability is observed. In the Efficient Structure (ES) view, concentration reflects intra‐industry efficiency differences; in the Monopoly Power (MP) view, concentration reflects collusive behavior. Importantly, the empirical distinction between these theories and, hence, their empirical validity as competing alternative hypotheses remains unclear.

It has been argued in the literature that structural changes in the financial markets, such as integration, have the potential to cause herding behavior or correlated behavioral patterns in traders. The purpose of this study is to investigate whether there is any financial herding behavior in the Latin American Integrated Market (MILA), a transnational stock market composed of Chile, Peru, Colombia and Mexico stock exchanges and whether there is any ARCH or GARCH effect in the herding behavior models.

This study uses the modified return dispersion approach on daily index return data. The sample period is from January 03, 2002 to May 07, 2019. The data are obtained from the MILA database. To count time-varying volatilities in herding models, the authors run ARCH family regression with GARCH (1,1) settings. Hwang and Salmon (2004) model is used as a robustness test.

The authors found strong herding behavior under the general market conditions and moderate and partial herding behavior under some specified markets circumstances, such as bull and bear markets and high-low volatility states. Moreover, the pre-MILA period exhibits more herding behavior than the post-MILA period. The empirical results show that most of the ARCH and GARCH effects are statistically significant, implying that the past information of stock returns and market volatility significantly affect the volatility of following periods, which can also explain the formation of herding tendency among investors. Finally, the results of the robustness tests (Hwang and Salmon, 2004) confirm herding in all periods, except full sample period for Mexico and post-MILA period for Mexico and Colombia.

This study investigates the herding behavior in the MILA market in terms of market return, volatility and timing. A limitation of the paper is that the authors have not included other factors on the formation of herding behavior, such as macroeconomic factors, effects of regional or international markets and policy influences. The authors will explore the issue in the extension of the paper.

As MILA is the first virtual integration of stock exchanges without merging, the study provides useful findings and draws good inferences of herding behavior in the MILA market in terms of market return, volatility and timing which are useful for academics, investors and policymakers in their investment and decision makings.

The paper provides useful findings and draws good inferences of herding behavior in the MILA market in terms of market return, volatility and timing which are not only useful in practical implications, but also in social implications.

This study contributes to the herding literature by examining four different hypotheses in respect of the unique case of transnational stock exchange without fusions or corporate mergers, where each market maintains its independence and regulatory autonomy. The authors also contribute to the literature by including both ARCH and GARCH effects in the herding behavioral models along the Hwang and Salmon (2004) approach.

The purpose of this paper is to place project marketing within the framework of organizational project management. There has been an ongoing discussion in the project marketing literature about whether project marketing is part of project management or project management is part of project marketing. Marketing is done by organizations to create a demand for products or services that have value for customers. The authors identify three types of organization involved in the management of projects, the project, the initiator and the contractor, and review current thinking on how they market their products and services, and create networks and dialogs to bring value to stakeholders.

The authors review the literature on project marketing, and develop new models based on an organizational perspective. The authors develop propositions as a basis for further research.

Marketing is done by three types of organization. The authors label these as marketing BY the project, marketing FOR the project by the contractor, and marketing OF the investment made by the project by the investor. The authors draw links with marketing theory, and introduce the service-dominant logic as a new perspective on organizational project marketing.

Traditionally, project marketing theory has taken the perspective of the overlap between project management and project marketing. The authors take an organizational perspective, and identify avenues for research into how the types of organization involved in the management of projects create dialog with their customers and stakeholders to exchange products and services that have value for them.

Project managers have not traditionally viewed project marketing as having relevance to them. The authors show that providing a service to stakeholders is an essential part of the management of projects.

The authors develop directions for research into project marketing as part of organizational project management.

The objective of the article is to discuss a framework of central processes in relationship marketing. The framework includes an interaction process as the core, a planned communication process as the marketing communications support through distinct communications media, and a customer value process as the outcome of relationship marketing. If the interaction and planned communication processes are successfully integrated and geared towards customers' value processes, a relationship dialogue may merge.

The purpose of this study was to assess the readiness of construction companies in Ghana to partner with foreign companies in international construction joint ventures (ICJVs).

Using the Verify End-User e-Readiness using a Diagnostic Tool (VERDICT) model, a survey with 31 construction companies was conducted to assess their readiness through four pre-defined elements of readiness.

The results indicated the readiness of construction companies to collaborate with potential foreign partners in ICJVs. Notwithstanding, certain areas such as management commitment to change, employee buy-in, process flexibility and technology infrastructure need improvement in some firms to achieve readiness. Government has a role in ensuring the readiness of domestic firms for the international market.

This study applies the VERDICT model, a tool originally designed to assess construction organizations’ readiness for e-commerce, to assess the readiness of Ghanaian construction companies for ICJVs.