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Clustering Properties of Merger Waves: Space, Time or Industry?

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  • Florian Szücs

Abstract

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.

Suggested Citation

  • Florian Szücs, 2013. "Clustering Properties of Merger Waves: Space, Time or Industry?," Discussion Papers of DIW Berlin 1322, DIW Berlin, German Institute for Economic Research.
  • Handle: RePEc:diw:diwwpp:dp1322
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    File URL: http://www.diw.de/documents/publikationen/73/diw_01.c.426977.de/dp1322.pdf
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    References listed on IDEAS

    as
    1. Barkoulas, John T. & Baum, Christopher F. & Chakraborty, Atreya, 2001. "Waves and persistence in merger and acquisition activity," Economics Letters, Elsevier, vol. 70(2), pages 237-243, February.
    2. 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.
    3. Clarke, Roger & Ioannidis, Christos, 1996. "On the relationship between aggregate merger activity and the stock market: some further empirical evidence," Economics Letters, Elsevier, vol. 53(3), pages 349-356, December.
    4. Andrade, Gregor & Stafford, Erik, 2004. "Investigating the economic role of mergers," Journal of Corporate Finance, Elsevier, vol. 10(1), pages 1-36, January.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Merger wave; clustering; acquisitions; neoclassical; behavioral;

    JEL classification:

    • L2 - Industrial Organization - - Firm Objectives, Organization, and Behavior
    • G3 - Financial Economics - - Corporate Finance and Governance

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