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Managerial Power

In: Understanding Mergers and Acquisitions in the 21st Century

Author

Listed:
  • Claire E. Ashton-James
  • Killian J. McCarthy
  • Anca Dranca-Iacoban

Abstract

Between 1995 and 1999, $9,000 billion was spent by North American and Western European firms on mergers and acquisitions (M&As)1; a near incomprehensible figure which, by way of comparison, was about seven times the UK’s gross domestic product (GDP), and more than 20 times that of the Netherlands (Schenk, 2003) in the same period. So large was the expenditure that, as a percentage of US GDP, M&As soared from 1.6% in the 1960s, to 3.4% in the 1980s, to a staggering 15.4% at the height of the ‘fifth merger wave’ in 1999. And as the ‘sixth merger wave’ unfolded (2003-2008), records were again broken, when “the value of M&A averaged $10 billion a day” (The Economist, 8 April 2006).

Suggested Citation

  • Claire E. Ashton-James & Killian J. McCarthy & Anca Dranca-Iacoban, 2013. "Managerial Power," Palgrave Macmillan Books, in: Understanding Mergers and Acquisitions in the 21st Century, chapter 8, pages 198-222, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-27807-4_8
    DOI: 10.1057/9781137278074_8
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