Strukturwandel durch Fusionen im ErnÃ¤hrungssektor: Ein anhaltender Konzentrationsprozess?
Mergers and acquisitions substantially affect the structure of the German food industry. This study analyses changes in the number of mergers and acquisitions for 21 German industries between 1976 and 1994. The results of an econometric panel data analysis show (a) a high degree of persistence, (b) distinct anti-cyclical fluctuations and a positive trend of merger activities as well as (c) significant effects of industry specific characteristics. Contrary to the available empirical literature the econometric model differentiates between industry characteristics of â€œacquiringâ€ and â€œacquiredâ€ firms.
Volume (Year): 50 (2001)
Issue (Month): 6 ()
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- Barkoulas, John T. & Baum, Christopher F. & Chakraborty, Atreya, 2001.
"Waves and persistence in merger and acquisition activity,"
Elsevier, vol. 70(2), pages 237-243, February.
- John T. Barkoulas & Christopher F. Baum & Atreya Chakraborty, 1997. "Waves and Persistence in Merger and Acquisition Activity," Boston College Working Papers in Economics 396, Boston College Department of Economics, revised 14 Dec 1999.
- Adesoji Adelaja & Rodolfo Nayga & Zafar Farooq, 1999. "Predicting mergers and acquisitions in the food industry," Agribusiness, John Wiley & Sons, Ltd., vol. 15(1), pages 1-23.
- Geroski, P. A., 1984. "On the relationship between aggregate merger activity and the stock market," European Economic Review, Elsevier, vol. 25(2), pages 223-233, July.
- Marcelo Resende, 1996. "Mergers and acquisitions in the UK: a disaggregated analysis," Applied Economics Letters, Taylor & Francis Journals, vol. 3(10), pages 637-640.
- Town, R J, 1992. "Merger Waves and the Structure of Merger and Acquisition Time-Series," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 7(S), pages S83-100, Suppl. De.
- Gort, Michael, 1969. "An Economic Disturbance Theory of Mergers," The Quarterly Journal of Economics, MIT Press, vol. 83(4), pages 624-42, November.
- Resende, Marcelo, 1999. " Wave Behaviour of Mergers and Acquisitions in the UK: A Sectoral Study," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 61(1), pages 85-94, February.
- Devra L. Golbe & Lawrence J. White, 1988. "A Time-Series Analysis of Mergers and Acquisitions in the U.S. Economy," NBER Chapters, in: Corporate Takeovers: Causes and Consequences, pages 265-310 National Bureau of Economic Research, Inc.
- Melicher, Ronald W & Ledolter, Johannes & D'Antonio, Louis J, 1983. "A Time Series Analysis of Aggregate Merger Activity," The Review of Economics and Statistics, MIT Press, vol. 65(3), pages 423-30, August.
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