This paper studies the triggers and the agglomeration of M&A activity within clusters constituted by time, market and industry. Based on almost 500,000 individual transactions, we find that industry factors play a significant role in triggering activity and that M&A agglomerates strongly across related industries. While clustering in time turns out to be insignificant, stock-market effects can be either an attracting or a repelling force, depending on the type of deal examined. This supports the view that merger waves are largely driven by industry shocks.
| Identifer | oai:union.ndltd.org:VIENNA/oai:epub.wu-wien.ac.at:5728 |
| Date | 04 May 2016 |
| Creators | SzĂĽcs, Florian |
| Publisher | Taylor & Francis |
| Source Sets | Wirtschaftsuniversität Wien |
| Language | English |
| Detected Language | English |
| Type | Article, PeerReviewed |
| Format | application/pdf |
| Relation | http://dx.doi.org/10.1080/00036846.2016.1178849, http://www.tandfonline.com/toc/raec20/current, http://authorservices.taylorandfrancis.com/sharing-your-work/, http://epub.wu.ac.at/5728/ |
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