The determinants of merger waves : an international perspective


Gugler, Klaus ; Mueller, Dennis C. ; Weichselbaumer, Michael


[img]
Preview
PDF
dp08076.pdf - Published

Download (285kB)

URL: http://ub-madoc.bib.uni-mannheim.de/2114
URN: urn:nbn:de:bsz:180-madoc-21140
Document Type: Working paper
Year of publication: 2008
Publication language: English
Institution: Sonstige Einrichtungen > ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
MADOC publication series: Veröffentlichungen des ZEW (Leibniz-Zentrum für Europäische Wirtschaftsforschung) > ZEW Discussion Papers
Subject: 330 Economics
Classification: JEL: G3 L2 ,
Subject headings (SWD): Fusion , Industrieökonomie , Tobin-q , Börsenkurs , Führungskraft , Schätzung , Theorie
Keywords (English): Merger waves , listed versus non-listed firms , managerial discretion , overvaluation
Abstract: 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.
Additional information:

Das Dokument wird vom Publikationsserver der Universitätsbibliothek Mannheim bereitgestellt.




+ Citation Example and Export

Gugler, Klaus ; Mueller, Dennis C. ; Weichselbaumer, Michael (2008) The determinants of merger waves : an international perspective. Open Access [Working paper]
[img]
Preview


+ Search Authors in

+ Download Statistics

Downloads per month over past year

View more statistics



You have found an error? Please let us know about your desired correction here: E-Mail


Actions (login required)

Show item Show item