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The Triggers and Clustering Properties of Merger Waves

Szücs, Florian (2016) The Triggers and Clustering Properties of Merger Waves. Applied Economics, 48 (56). pp. 5485-5496. ISSN 0003-6846

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Abstract

This paper studies the triggers and the agglomeration of M&A activity within clusters constituted by time, market and industry. Based on almost 500,000 individual transactions, we find that industry factors play a significant role in triggering activity and that M&A agglomerates strongly across related industries. While clustering in time turns out to be insignificant, stock-market effects can be either an attracting or a repelling force, depending on the type of deal examined. This supports the view that merger waves are largely driven by industry shocks.

Item Type: Article
Additional Information: This is an Accepted Manuscript of an article published by Taylor & Francis in Applied Economics on 04 May 2016, available online: http://www.tandfonline.com/10.1080/00036846.2016.1178849.
Keywords: merger wave / clustering / acquisitions / industry shocks / behavioral
Classification Codes: JEL L2, G3
Divisions: Departments > Volkswirtschaft
Departments > Volkswirtschaft > Quantitative Volkswirtschaftslehre
Version of the Document: Accepted for Publication
Variance from Published Version: Typographical
Depositing User: Elena Simukovic
Date Deposited: 05 Sep 2017 17:13
Last Modified: 05 Sep 2017 18:05
Related URLs:
FIDES Link: https://bach.wu.ac.at/d/research/results/76675/
URI: http://epub.wu.ac.at/id/eprint/5728

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