Efficient And Distortional Components To Industry Merger Waves

Topics:
Mergers
Tags:
Finance,
Industry,
Investment,
Merger,
Mergers & Acquisitions
Source:
Social Science Electronic Publishing

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Overview: From the executive summary: ‘The paper examines whether industry merger waves can be considered as efficient reactions to industry stocks or as clustering's of distortional activity. Waves create wealth, in contrast to non-wave periods in the same industries. Bidders in waves are less likely to display characteristics consistent with either free cash flow or the merger techniques. Since, the characteristics of merger activity vary substantially over wave cycles, it is important to distinguish between mergers inside and outside waves when investigating the motives of mergers and sources of wealth creation in mergers.’ The paper discusses the efficient and distortional components to industry merger waves.

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Format: PDF | Size: 258KB | Date: Mar 2003 | Pages: 39

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