The determinants of merger waves: An international perspective

Klaus Gugler, Dennis C. Mueller, Michael Weichselbaumer

Publikation: Wissenschaftliche FachzeitschriftOriginalbeitrag in FachzeitschriftBegutachtung

66 Downloads (Pure)

Abstract

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.
OriginalspracheEnglisch
Seiten (von - bis)1 - 15
FachzeitschriftInternational Journal of Industrial Organization
Jahrgang30
Ausgabenummer1
DOIs
PublikationsstatusVeröffentlicht - 2012

Österreichische Systematik der Wissenschaftszweige (ÖFOS)

  • 502013 Industrieökonomik

Zitat