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The Success of Industrial Mergers

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  • Shaw Livermore

Abstract

The general impression that "the trusts turned out ill," 68.— The contrary conclusion that the proportion of success was high, 68.— I. A broad conclusion based on an examination of more than 400 companies of the 1900 era, 70.— A primary and a secondary group, 73.— The proportion of business successes above one-half, 76.— II. Earnings on capitalization of a selected sample of mergers compared with Epstein's figures, 78.— III. "Watered stock" not a prevalent phenomenon in the group, 83. — The opposite tendency recently toward undercapitalization, 84.— IV. Reasons for the success of 150 mergers, 87.— Managerial resourcefulness the principal cause, 88.— Reappraisal of the merger era necessary, 89.

Suggested Citation

  • Shaw Livermore, 1935. "The Success of Industrial Mergers," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 50(1), pages 68-96.
    • Handle: RePEc:oup:qjecon:v:50:y:1935:i:1:p:68-96.
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    File URL: http://hdl.handle.net/10.2307/1882343
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    Cited by:

    1. Nadia Hanif & Abida Hafeez & Noman Arshed, 2022. "Formal Institutional Distance and cross-border M&A-Contract Ineffectiveness: Moderating Role of Advisory Organizations," iRASD Journal of Management, International Research Alliance for Sustainable Development (iRASD), vol. 4(1), pages 1-16, March.
    2. Gugler, Klaus & Mueller, Dennis C. & Weichselbaumer, Michael, 2012. "The determinants of merger waves: An international perspective," International Journal of Industrial Organization, Elsevier, vol. 30(1), pages 1-15.
    3. Ebeling, Francisco, 2022. "Can fossil fuel endowments steer economic development? Evidence from the linkages approach," Resources Policy, Elsevier, vol. 78(C).
    4. L Hannah, 1997. "Marshalls Trees and the Global Forest: Were Giant Redwoods Different?," CEP Discussion Papers dp0318, Centre for Economic Performance, LSE.
    5. Mortal, Sandra & Schill, Michael J., 2015. "The Post-Acquisition Returns of Stock Deals: Evidence of the Pervasiveness of the Asset Growth Effect," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 50(3), pages 477-507, June.
    6. Bucheli, Marcelo & Mahoney, Joseph T. & Vaaler, Paul M., 2007. "Chandler's Living History: The Visible Hand of Vertical Integration in 19th Century America Viewed under a 21st Century Transaction Costs Economics Lens," Working Papers 07-0111, University of Illinois at Urbana-Champaign, College of Business.
    7. María Sarabia & Fernando Crecente & Rafael Castaño, 2019. "Why Do Sustainable Mergers Fail to Manage Entrepreneurship?," Sustainability, MDPI, vol. 11(2), pages 1-9, January.
    8. Marcelo Bucheli & Joseph T. Mahoney & Paul M. Vaaler, 2010. "Chandler's Living History: "The Visible Hand" of Vertical Integration in Nineteenth Century America Viewed Under a Twenty-First Century Transaction Costs Economics Lens," Journal of Management Studies, Wiley Blackwell, vol. 47(s1), pages 859-883, July.

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