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The triggers and clustering properties of merger waves

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  • Florian Szücs

Abstract

This article studies the triggers and the agglomeration of mergers and acquisitions (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.

Suggested Citation

  • Florian Szücs, 2016. "The triggers and clustering properties of merger waves," Applied Economics, Taylor & Francis Journals, vol. 48(56), pages 5485-5496, December.
    • Handle: RePEc:taf:applec:v:48:y:2016:i:56:p:5485-5496
    DOI: 10.1080/00036846.2016.1178849
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    Cited by:

    1. Tianxu Jiang & Min Zhu, 2021. "The impact of innovation on companies’ cross-border mergers and acquisitions: evidence from China," Quality & Quantity: International Journal of Methodology, Springer, vol. 55(3), pages 969-991, June.
    2. Barbieri, Elisa & Huang, Manli & Pi, Shenglei & Pollio, Chiara & Rubini, Lauretta, 2021. "Investigating the linkages between industrial policies and M&A dynamics: Evidence from China," China Economic Review, Elsevier, vol. 69(C).

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