Mergers and acquisitions (M&As) have been a preferred growth strategy of fums, becoming even more popular in recent years with U.S. companies. Often, transaction prices reach Ievels ofbillions ofEuros (e.g., Kraft Foods' acquisition ofNabisco in 2000). It is noteworthy that the motives of such transactions are not limited to material assets. lmmaterial market-based assets, such as brands, have played an increasing role. Both practitioners and academics have widely recognized brands' significance for companies. Until now, however, research has neglected to investigate the importance of...