Szücs, Florian. 2016. The Triggers and Clustering Properties of Merger Waves. Applied Economics 48 (56), 5485-5496.
This paper studies the triggers and the agglomeration of M&A activity within clusters constituted by time, market and industry. Based on almost 500,000 individual transactions, we find that industry factors play a significant role in triggering activity and that M&A agglomerates strongly across related industries. While clustering in time turns out to be insignificant, stock-market effects can be either an attracting or a repelling force, depending on the type of deal examined. This supports the view that merger waves are largely driven by industry shocks.
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|Status of publication||Published|
|Type of publication||Journal article|
|WU Journalrating 2009||A|
|WU-Journal-Rating new||FIN-A, VW-D|
|Title||The Triggers and Clustering Properties of Merger Waves|