The determinants of merger waves: an international perspective

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URL:	https://madoc.bib.uni-mannheim.de/2114
URN:	urn:nbn:de:bsz:180-madoc-21140
Document Type:	Working paper
Year of publication:	2008
The title of a journal, publication series:	ZEW Discussion Papers
Volume:	08-076
Place of publication:	Mannheim
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.
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BASE: Gugler, Klaus ; Mueller, Dennis C. ; Weichselbaumer, Michael

Google Scholar: Gugler, Klaus ; Mueller, Dennis C. ; Weichselbaumer, Michael

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