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Anticompetitive Vertical Merger Waves [PDF]
The Journal of Industrial Economics, 2019 AbstractWe develop a model of vertical merger waves and use it to study the optimal merger policy. As a merger wave can result in partial foreclosure, it can be optimal to ban a vertical merger that eliminates the last unintegrated upstream firm. Such a merger is more likely to worsen market performance when the number of downstream firms is large ...
Hombert, Johan +2 more
core +10 more sources
The determinants of merger waves: An international perspective. [PDF]
Int J Ind Organ, 2012 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.
Gugler K, Mueller DC, Weichselbaumer M.
europepmc +8 more sources
Review of the Literature on Merger Waves
Journal of Risk and Financial Management, 2022 Over the past few decades, the rapid growth of mergers and acquisitions (M&As) has received interest from academics and practitioners. While M&As continue to be the subject of thorough investigation from a corporate governance standpoint, comparatively less effort has been made to organize and link empirical findings with neoclassical economic ...
Chune Young Chung
exaly +3 more sources
Drivers of Merger Waves: A Revisit
Gadjah Mada International Journal of Business, 2008 This study reexamines whether the occurrence of merger waves can be explained by the neoclassical hypothesis or the behavioral hypothesis. Using merger data for the period spanning 1990 through 2001, this study directly compares the two theories and ...
Soegiharto Soegiharto
doaj +4 more sources
Market Optimism and Merger Waves [PDF]
Managerial and Decision Economics, 2012 We argue that stock and bond market booms and merger waves are both driven by increases in optimism in financial markets and discuss two behavioral hypotheses, the managerial discretion and overvaluation hypotheses that claim that merger waves are driven by market optimism.
Klaus Gugler
exaly +2 more sources
Constraining the equation of state in neutron-star cores via the long-ringdown signal [PDF]
Nature CommunicationsMultimessenger signals from binary neutron star (BNS) mergers are promising tools to infer the properties of nuclear matter at densities inaccessible to laboratory experiments.
Christian Ecker +3 more
doaj +2 more sources
Merger waves: a model of endogenous mergers [PDF]
The RAND Journal of Economics, 2007 We develop a model of endogenous mergers to study their dynamic process. Firms choose whether, when, and with whom to merge. Two necessary conditions are identified for mergers to occur: firm heterogeneity and negative demand shocks. We show that mergers are strategic complements and therefore tend to occur in waves.
Qiu, Larry D., Zhou, Wen
openaire +3 more sources
The Determinants of Merger Waves [PDF]
SSRN Electronic Journal, 2006 One of the most conspicuous features of mergers is that they come in waves, and that these waves are correlated with increases in share prices and price/earnings ratios. We test four hypotheses that have been advanced to explain merger waves: the industry shocks, q-, overvaluation and managerial discretion hypotheses.
Klaus Gugler +2 more
openaire +6 more sources
An Anatomy of Industry Merger Waves* [PDF]
Journal of Financial Econometrics, 2015 We propose a novel panel Bayesian Markov regime-switching Poisson regression model with time-varying transition probabilities to test existing theories on the driving forces of wave-like patterns in same-industry mergers and acquisitions. We show that the dynamics and persistence of merger waves change substantially in the cross-section of deal flow ...
Bianchi, Daniele, Chiarella, Carlo
openaire +2 more sources
Universe, 2021 Ringdown gravitational waves of compact object binaries observed by ground-based gravitational-wave detectors encapsulate rich information to understand remnant objects after the merger and to test general relativity in the strong field. In this work, we
Norichika Sago +2 more
doaj +1 more source