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Waves and Determinants in Mergers and Acquisitions: The Case of Latin America

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  • Lina M. Cortés
  • Diego A. Agudelo
  • Samuel Mongrut

Abstract

This article contributes to the current literature on mergers and acquisitions (M&As) by identifying the existence of waves and the determinants of M&A activity in the economies of Argentina, Brazil, Chile, Colombia, Mexico, and Peru. From a sample of 2,391 M&A announcements reported by Thomson One on these countries, applying the methodology proposed by Harford (2005), evidence of M&A waves is found for the periods 1995–2002 and 2003–2010, as reported for other regions in various international studies. After controlling for economic and business environment variables, as well as for profitability and book-to-market variables at the industry level, we find evidence that supports neoclassical theory as a main explanation for M&A activity but not for the misvaluation effect.

Suggested Citation

  • Lina M. Cortés & Diego A. Agudelo & Samuel Mongrut, 2017. "Waves and Determinants in Mergers and Acquisitions: The Case of Latin America," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 53(7), pages 1667-1690, July.
    • Handle: RePEc:mes:emfitr:v:53:y:2017:i:7:p:1667-1690
    DOI: 10.1080/1540496X.2016.1262254
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    Cited by:

    1. Carlos Pombo & Cristian Pinto-Gutierrez & Mauricio Jara-Betín, 2022. "Multiple large shareholder coalitions, institutional ownership and investment decisions: Evidence from cross-border deals in Latin America," Documentos CEDE 20333, Universidad de los Andes, Facultad de Economía, CEDE.
    2. Ullah, Nazim & Mat Nor, Fauzias & Abu Seman, Junaidah & Uddin, Akther, 2018. "Do Merger and Acquisition Affects Acquirer Bank’s Performance? A Comparative Analysis of Pre and Post Performance," MPRA Paper 108574, University Library of Munich, Germany, revised 03 Jan 2018.
    3. Ullah, Nazim & Mat Nor, Fauzias & Abu Seman, Junaidah & fadly, ahmed & ainna, nur, 2023. "Acquirer’s Operational Performance and Stability of Islamic Banks: Mediation Role of Market Structure," MPRA Paper 118683, University Library of Munich, Germany.

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