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Causes and Consequences of Merger Waves

  • Jörn Kleinert
  • Henning Klodt

This paper presents some ideas about determinants of merger waves and some evidence on their effect on profitability and employment. A brief survey of previous merger waves and an analysis of the recent one give support to the hypothesis that sectoral shocks are at the root of merger waves. Deregulation and globalization are identified as the shocks responsible for the latest wave. The impact of merger activities on profitability and employment growth are studied by using the DOME database which has been built up at the Kiel Institute of World Economics. On average, performance of merging and non-merging firms do not differ significantly. In smal­ler, more homogenous sub-samples, however, substantial sectoral differences are found. The most important determinant of the success of mergers is the size of the target unit.

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File URL: https://www.ifw-members.ifw-kiel.de/publications/causes-and-consequences-of-merger-waves/kap1092.pdf
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Paper provided by Kiel Institute for the World Economy in its series Kiel Working Papers with number 1092.

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Length: 28 pages
Date of creation: Jan 2002
Date of revision:
Handle: RePEc:kie:kieliw:1092
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  1. Persson, Lars & Horn, Henrik, 1998. "Endogenous Mergers in Concentrated Markets," Working Paper Series 513, Research Institute of Industrial Economics.
  2. Hans Schenk, 1996. "Bandwagon mergers, international competitiveness, and government policy," Empirica, Springer, vol. 23(3), pages 255-278, October.
  3. Ravenscraft, David J. & Scherer, F. M., 1989. "The profitability of mergers," International Journal of Industrial Organization, Elsevier, vol. 7(1), pages 101-116, March.
  4. Gregor Andrade & Mark Mitchell & Erik Stafford, 2001. "New Evidence and Perspectives on Mergers," Journal of Economic Perspectives, American Economic Association, vol. 15(2), pages 103-120, Spring.
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