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Analytical Perspectives on Mergers and Acquisitions: A Survey

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Abstract

The aim of this paper is to supply the reader with a survey of the most widely debated issues related to mergers and acquisitions. We review the existing theoretical and empirical literature on the causes and consequences of mergers. The bulk of the empirical evidence on the profitability of mergers and on the stock performance of the merging partners shows that mergers are usually unprofitable and that the only group who stand to profit from a merger are the shareholders of the acquired company. This evidence has prompted a variety of theoretical explanations to be put forward as to why mergers occur. We provide a systematic review of such theories. We also analyse the related issue of the consequences of mergers on economic welfare, and review both theories and the empirical work on this issue.

Suggested Citation

  • M. Meschi, 1997. "Analytical Perspectives on Mergers and Acquisitions: A Survey," CIBS Research Papers in International Business 5-97, London South Bank University CIBS.
    • Handle: RePEc:sbu:cibswp:5-97
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    Cited by:

    1. G. Ietto-Gillies, 1998. "A Comparison of Merged versus Non-merged Business Establishments in Britain: What Can we Learn from the Workplace Industrial Relations Survey?," CIBS Research Papers in International Business 10-98, London South Bank University CIBS.
    2. Andrés Felipe García-Suaza & José Eduardo Goméz-Gonzáleza, 2009. "The Competing Risks of Acquiring and Being Acquired: Evidence from Colombia´s Financial Sector," Borradores de Economia 567, Banco de la Republica de Colombia.
    3. Grazia Ietto-Gillies & Meloria Meschi, 1999. "The Characteristics, Performance and Strategic Behaviour of Merged Versus Non-Merged Establishments in Britain," Review of Industrial Organization, Springer;The Industrial Organization Society, vol. 15(1), pages 1-24, August.
    4. García-Suaza, Andrés Felipe & Gómez-González, José E., 2010. "The competing risks of acquiring and being acquired: Evidence from Colombia's financial sector," Economic Systems, Elsevier, vol. 34(4), pages 437-449, December.
    5. Anna Nagurney, 2010. "Formulation and analysis of horizontal mergers among oligopolistic firms with insights into the merger paradox: a supply chain network perspective," Computational Management Science, Springer, vol. 7(4), pages 377-406, October.

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    Keywords

    mergers and acquisitions;

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