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Takeover Waves: Triggers, Performance and Motives

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  • Martynova, M.
  • Renneboog, L.D.R.

    (Tilburg University, Tilburg Law and Economics Center)

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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Bibliographic Info

Paper provided by Tilburg University, Tilburg Law and Economic Center in its series Discussion Paper with number 2005-029.

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Date of creation: 2005
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Handle: RePEc:dgr:kubtil:2005029

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Web page: http://www.tilburguniversity.nl/tilec/

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Cited by:
  1. Renneboog, L.D.R. & Szilagyi, P.G., 2006. "Corporate Restructuring and Bondholder Wealth," Discussion Paper 2006-007, Tilburg University, Tilburg Law and Economic Center.
  2. Ronald Jean Degen, 2012. "Changes in governance, the market for corporate control, and the mechanisms for hostile takeovers in Continental Europe: The case of Arcelor?s takeover by Mittal Steel," Working Papers 87, globADVANTAGE, Polytechnic Institute of Leiria.
  3. Banal-Estanol, A. & Heidhues, P., 2006. "Merged clusters during economic booms," Working Papers 06/07, Department of Economics, City University London.
  4. 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).
  5. Szilagyi, P.G., 2007. "Corporate Governance and the Agency Costs of Debt and Outside Equity," Open Access publications from Tilburg University urn:nbn:nl:ui:12-321510, Tilburg University.
  6. Banal-Estanol, Albert & Heidhues, Paul & Nitsche, Rainer & Seldeslachts, Jo, 2009. "Screening and Merger Activity," Discussion Paper Series of SFB/TR 15 Governance and the Efficiency of Economic Systems 270, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich.
  7. Martynova, M. & Renneboog, L.D.R., 2006. "Mergers and Acquisitions in Europe," Discussion Paper 2006-6, Tilburg University, Center for Economic Research.
  8. Renneboog, Luc & Simons, Tomas & Wright, Mike, 2007. "Why do public firms go private in the UK? The impact of private equity investors, incentive realignment and undervaluation," Journal of Corporate Finance, Elsevier, vol. 13(4), pages 591-628, September.
  9. MIYAJIMA Hideaki, 2007. "Economic Analysis of M&A in Japan: International Characteristics and Economic Role (Japanese)," Discussion Papers (Japanese) 07026, Research Institute of Economy, Trade and Industry (RIETI).

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