The determinants of merger waves: An international perspective
Copyright policy )The determinants of merger waves: An international perspective
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.
- University of Vienna Austria
- TU Wien Austria
- University of Mannheim Germany
- Vienna University of Economics and Business Austria
- WU Austria
330, Welt, 502013 Industrial economics, 502013 Industrieökonomik, Article, G3, Führungskräfte, overvaluation, Merger waves / listed versus unlisted firms / managerial discretion / overvaluation, Industrieökonomik, listed versus non-listed firms, Fusion, Merger waves,listed versus non-listed firms,managerial discretion,overvaluation, ddc:330, L2, Börsenkurs, JEL L2, G3, Merger waves, managerial discretion, Tobin's Q, Theorie, Schätzung, jel: jel:G3, jel: jel:L2
330, Welt, 502013 Industrial economics, 502013 Industrieökonomik, Article, G3, Führungskräfte, overvaluation, Merger waves / listed versus unlisted firms / managerial discretion / overvaluation, Industrieökonomik, listed versus non-listed firms, Fusion, Merger waves,listed versus non-listed firms,managerial discretion,overvaluation, ddc:330, L2, Börsenkurs, JEL L2, G3, Merger waves, managerial discretion, Tobin's Q, Theorie, Schätzung, jel: jel:G3, jel: jel:L2
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