Resource title

The determinants of merger waves: An international perspective

Resource image

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Resource description

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. (author's abstract)

Resource author

Klaus Gugler, Dennis C. Mueller, Michael Weichselbaumer

Resource publisher

Resource publish date

Resource language

en

Resource content type

application/pdf

Resource resource URL

http://epub.wu.ac.at/3500/1/DMW_Int_18Feb2011.pdf

Resource license

Adapt according to the license agreement. Always reference the original source and author.