@ARTICLE{Szücs2016,
title = {The Triggers and Clustering Properties of Merger Waves},
author = {Florian Szücs},
year = {2016},
doi = {http://dx.doi.org/10.2139/ssrn.2304279},
url = {http://dx.doi.org/10.1080/00036846.2016.1178849},
volume = {48},
number = {56},
language = {EN},
pages = {5485-5496},
journal = {Applied Economics},
abstract = {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. },
}