Takeover waves : triggers, performance and motives

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Takeover waves : triggers, performance and motives

Author Info

Martynova, Marina
Renneboog, L.D.R. (Tilburg University, Center for Economic Research)

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Abstract

This paper reviews the vast academic literature on the market for corporate control. Our main focus is the cyclical wave pattern this market exhibits. From the perspective of takeover waves, we address questions such as: Why do mergers and acquisitions (M&As) occur? Does the ensuing transfer of control generate shareholder gains? What are the main profitability drivers in M&As by takeover wave? We find that the pattern of takeover activity and its profitability significantly vary across the various takeover waves. Despite such diversity, all waves have similarities: they are preceded by technological or industrial shocks, and occur in a positive economic and political environment, amidst rapid credit expansion and stock market booms. Takeovers towards the end of each wave are usually driven by non-rational, frequently selfinterested managerial decision-making.

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Paper provided by Tilburg University, Center for Economic Research in its series Discussion Paper with number 107.

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Date of creation: 2005
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Handle: RePEc:dgr:kubcen:2005107

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Paper
- Martynova, M. & Renneboog, L.D.R., 2005. "Takeover waves : triggers, performance and motives," Discussion Paper 29, Tilburg University, Tilburg Law and Economic Center. [Downloadable!]

Find related papers by JEL classification:
G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

This paper has been announced in the following NEP Reports:

NEP-ALL-2005-12-01 (All new papers)
NEP-COM-2005-12-01 (Industrial Competition)
NEP-FIN-2005-12-01 (Finance)

Cited by:
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Albert Banal-Estañol & Paul Heidhues & Rainer Nitsche & Jo Seldeslacht, 2006. "Merger Clusters during Economic Booms," City University Economics Discussion Papers 06/07, Department of Economics, City University, London. [Downloadable!]
Other versions:
- Albert Banal-Estañol & Paul Heidhues & Rainer Nitsche & Jo Seldeslachts, 2006. "Merger Clusters during Economic Booms," CIG Working Papers SP II 2006-17, Wissenschaftszentrum Berlin (WZB), Research Unit: Competition and Innovation (CIG). [Downloadable!]
Martynova, Marina & Renneboog, L.D.R., 2006. "Mergers and Acquisitions in Europe," Discussion Paper 3, Tilburg University, Tilburg Law and Economic Center. [Downloadable!]
Other versions:
- Martynova, M. & Renneboog, L.D.R., 2006. "Mergers and Acquisitions in Europe," Discussion Paper 2006-003, Tilburg University, Tilburg Law and Economic Center.
- Martynova, Martina & Renneboog, L.D.R., 2006. "Mergers and acquisitions in Europe," Discussion Paper 6, Tilburg University, Center for Economic Research. [Downloadable!]
Gregory JACKSON & MIYAJIMA Hideaki, 2007. "Varieties of Capitalism, Varieties of Markets: Mergers and Acquisitions in Japan, Germany, France, the UK and USA," Discussion papers 07054, Research Institute of Economy, Trade and Industry (RIETI). [Downloadable!]
Albert Banal-Estanol & Paul Heidhues & Rainer Nitsche & Jo Seldeslachts, 2009. "Screening and Merger Activity," Discussion Papers 270, SFB/TR 15 Governance and the Efficiency of Economic Systems, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich. [Downloadable!]
Renneboog, L.D.R. & Szilagyi, Peter G., 2006. "Corporate restructuring and bondholder wealth," Discussion Paper 23, Tilburg University, Center for Economic Research. [Downloadable!]
Other versions:
- Renneboog, L.D.R. & Szilagy, Peter G., 2006. "Corporate Restructuring and Bondholder Wealth," Discussion Paper 7, Tilburg University, Tilburg Law and Economic Center. [Downloadable!]
- Renneboog, L.D.R. & Szilagyi, P.G., 2006. "Corporate Restructuring and Bondholder Wealth," Discussion Paper 2006-007, Tilburg University, Tilburg Law and Economic Center.
- Luc Renneboog & Peter G. Szilagyi, 2008. "Corporate Restructuring and Bondholder Wealth," European Financial Management, Blackwell Publishing Ltd, vol. 14(4), pages 792-819. [Downloadable!] (restricted)

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