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The drivers of merger waves

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Kastrinaki, Zafeira and Stoneman, Paul. (2012) The drivers of merger waves. Economics Letters, Vol.117 (No.2). pp. 493-495. ISSN 0165-1765

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Official URL: http://dx.doi.org/10.1016/j.econlet.2012.06.043

Abstract

A reduced form hazard rate model of merger timing, estimated using a uniquely constructed 1990–2004 UK panel data set, shows clear correlations between the observed wave-like pattern of merger activity and both exogenous and endogenous drivers with firm characteristics acting as intermediaries.

Item Type:

Journal Article

Subjects:

H Social Sciences > HF Commerce

Divisions:

Faculty of Social Sciences > Warwick Business School > Strategy & International Business

Library of Congress Subject Headings (LCSH):

Consolidation and merger of corporations -- Econometric models

Journal or Publication Title:

Economics Letters

Publisher:

Elsevier

ISSN:

0165-1765

Official Date:

2012

Dates:

Date	Event
2012	Published

Volume:

Vol.117

Number:

No.2

Page Range:

pp. 493-495

Identification Number:

10.1016/j.econlet.2012.06.043

Status:

Peer Reviewed

Publication Status:

Published

Access rights to Published version:

Restricted or Subscription Access

References:

Cabral, I., 2002. A Herding Approach to Merger Waves. EUI Working Paper, ECO no. 2002/26.
Cai, J, and Vijh, A., M., 2007. Incentive effects of stock and option holdings of target and acquirer CEOs, Journal of Finance. 62, 1891-1933.
Dickerson, A., P., Gibson H. D., and Tsakalotos E. 2002. Takeover risk and the market for corporate control. International Journal of Industrial Organization. 20, 1167-1195.
Fridolfsson, S. and Stennek.J., 2005. Why mergers reduce profits and raise share prices - a theory of pre-emptive mergers. Journal of the European Economic Association. 3, 1083-1104.
Jensen, M. C., 1986. Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review. 76, 323-329.
Jovanovic B. And Rousseau P.L., 2002. The q-theory of mergers. American Economic Review. 92, 198-204.
Offenberg, D. , 2009. Firm size and the effectiveness of the market for corporate control. Journal of Corporate Finance. 15, 66-79.
Perry M. K. and Porter R. H., 1985. Oligopoly and the incentive for horizontal merger. American Economic Review. 75, 219-227.
Shleifer, A., Vishny, R., 2003. Stock market driven acquisitions. Journal of Financial Economics. 70, 295-311.
Toxvaerd, F., 2008. Strategic merger waves: a theory of musical chairs. Journal of Economic Theory. 140(1), 1-26.

URI:

http://wrap.warwick.ac.uk/id/eprint/50945

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