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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 |
| Date: | 2012 |
| 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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