title: The determinants of merger waves: An international perspective.
abstract: One of the most conspicuous features of mergers is that they come in waves that are correlated with increases in share prices and price/earnings ratios. We use a natural way to discriminate between pure stock market influences on firm decisions and other influences by examining merger patterns for both listed and unlisted firms. If "real" changes in the economy drive merger waves, as some neoclassical theories of mergers predict, both listed and unlisted firms should experience waves. We find significant differences between listed and unlisted firms as predicted by behavioral theories of merger waves.
authors.affiliation: WU (Vienna University of Economics and Business), Institute for Quantitative Economics, Augasse 2-6, A-1090 Vienna, Austria.
authors.forename: Klaus
authors.initials: K
authors.lastname: Gugler
authors.affiliation: University of Vienna, Department of Economics, BWZ, Bruennerstr. 72, A-1210 Vienna, Austria.
authors.forename: Dennis C
authors.initials: DC
authors.lastname: Mueller
authors.affiliation: Vienna University of Technology, Institute of Management Science, Theresianumgasse 27, A-1040 Vienna, Austria.
authors.forename: Michael
authors.initials: M
authors.lastname: Weichselbaumer
keywords: Listed versus unlisted firms; Managerial discretion; Merger waves; Overvaluation