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An anatomy of industry merger waves
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Bianchi, Daniele and Chiarella, Carlo (2019) An anatomy of industry merger waves. Journal of Financial Econometrics, 17 (2). pp. 153-179. doi:10.1093/jjfinec/nby025 ISSN 1479-8409.
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Official URL: https://doi.org/10.1093/jjfinec/nby025
Abstract
We propose a novel panel Bayesian Markov regime-switching Poisson regression model with time-varying transition probabilities to test existing theories on the driving forces of wave-like patterns in same-industry mergers and acquisitions. We show that the dynamics and persistence of merger waves change substantially in the cross-section of deal flow. This suggests that any inference on existing economically justified competing explanations of merger waves at the aggregate market level could be misleading, as the observed cross-industry heterogeneity in waves is shown to be the consequence of different responses to common or distinct drivers of merger activity.
Item Type: | Journal Article | ||||||||
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Subjects: | H Social Sciences > HD Industries. Land use. Labor H Social Sciences > HG Finance |
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Divisions: | Faculty of Social Sciences > Warwick Business School | ||||||||
SWORD Depositor: | Library Publications Router | ||||||||
Library of Congress Subject Headings (LCSH): | Consolidation and merger of corporations -- Mathematical models | ||||||||
Journal or Publication Title: | Journal of Financial Econometrics | ||||||||
Publisher: | Oxford University Press | ||||||||
ISSN: | 1479-8409 | ||||||||
Official Date: | 2019 | ||||||||
Dates: |
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Volume: | 17 | ||||||||
Number: | 2 | ||||||||
Page Range: | pp. 153-179 | ||||||||
DOI: | 10.1093/jjfinec/nby025 | ||||||||
Status: | Peer Reviewed | ||||||||
Publication Status: | Published | ||||||||
Reuse Statement (publisher, data, author rights): | This is a pre-copyedited, author-produced version of an article accepted for publication in Journal of Financial Econometrics following peer review. The version of record Daniele Bianchi, Carlo Chiarella, An Anatomy of Industry Merger Waves, Journal of Financial Econometrics, Volume 17, Issue 2, Spring 2019, Pages 153–179, is available online at: https://doi.org/10.1093/jjfinec/nby025 | ||||||||
Access rights to Published version: | Restricted or Subscription Access | ||||||||
Date of first compliant deposit: | 21 December 2018 | ||||||||
Date of first compliant Open Access: | 5 October 2020 | ||||||||
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