The determinants of merger waves: An international perspective

Gugler, Klaus and Mueller, Dennis C. and Weichselbaumer, Michael (2012) The determinants of merger waves: An international perspective. International Journal of Industrial Organization, 30 (1). pp. 1-15. ISSN 0167-7187


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One of the most conspicuous features of mergers is that they come in waves that are correlated with increases in share prices and price/earnings ratios. We use a natural way to discriminate between pure stock market influences on firm decisions and other influences by examining merger patterns for both listed and unlisted firms. If "real" changes in the economy drive merger waves, as some neoclassical theories of mergers predict, both listed and unlisted firms should experience waves. We find significant differences between listed and unlisted firms as predicted by behavioral theories of merger waves.

Item Type: Article
Additional Information: To see the final version of this paper please visit the publisher's website: Access to the published version requires a subscription.
Keywords: Merger waves / listed versus unlisted firms / managerial discretion / overvaluation
Classification Codes: JEL L2, G3
Divisions: Departments > Volkswirtschaft > Quantitative Volkswirtschaftslehre
Version of the Document: Accepted for Publication
Variance from Published Version: Minor
Depositing User: Dissertation Administrator
Date Deposited: 03 Apr 2012 14:50
Last Modified: 15 Feb 2021 16:15
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