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Furlan, Benjamin
Oberhofer, Harald
Winner, Hannes
Year of Publication: 
Series/Report no.: 
WIFO Working Papers 462
This note proposes the continuous treatment approach as a valuable alternative to propensity score matching for evaluating economic effects of mergers and acquisitions (M&As). 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.
Merger and acquisition evaluation
continuous treatment models
generalised propensity score matching
employment effects
Document Type: 
Working Paper
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