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| Author: | Harford, J. |
| Title: | What drives merger waves? |
| Journal: | Journal of Financial Economics
2005 : SEP, VOL. 77:3, p. 529-560 |
| Index terms: | economic shocks liquidity mergers |
| Language: | eng |
| Abstract: | Aggregate merger waves could be due to market timing or to clustering of industry shocks for which mergers facilitate change to the new environment. It is found in this study that economic, regulatory and technological shocks drive industry merger waves. Whether the shocks leads to a wave of mergers, however, depends on whether there is sufficient overall capital liquidity. This macro-level liquidity component causes industry merger waves to cluster in time even if industry shocks do not. |
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