The determinants of merger waves: An international perspective

Klaus Gugler, Dennis C. Mueller, Michael Weichselbaumer

Publication: Scientific journalJournal articlepeer-review

2 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.
Original languageEnglish
Pages (from-to)1 - 15
JournalInternational Journal of Industrial Organization
Volume30
Issue number1
DOIs
Publication statusPublished - 2012

Austrian Classification of Fields of Science and Technology (ÖFOS)

  • 502013 Industrial economics

Cite this