Clustering Properties of Merger Waves: Space, Time or Industry?
We study the degree of agglomeration of acquisition activity within clusters of temporal, geographic and industrial proximity based on almost 600,000 individual transactions. The findings indicate that significant clustering occurs in time and across industries, while the results on geographic clustering are mixed. This supports the view that merger waves are mostly driven by neoclassical motives.
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- Gärtner, Dennis L. & Halbheer, Daniel, 2009.
"Are there waves in merger activity after all?,"
International Journal of Industrial Organization,
Elsevier, vol. 27(6), pages 708-718, November.
- Dennis L. Gärtner & Daniel Halbheer, 2008. "Are There Waves in Merger Activity After All?," Working Papers 0092, University of Zurich, Institute for Strategy and Business Economics (ISU).
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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.
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- Andrade, Gregor & Stafford, Erik, 2004. "Investigating the economic role of mergers," Journal of Corporate Finance, Elsevier, vol. 10(1), pages 1-36, January.
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