Why are there merger waves?

Carlos Ocaña Pérez de Tudela

DEE - Working Papers. Business Economics. WB from Universidad Carlos III de Madrid. Departamento de Economía de la Empresa

Abstract: This paper develops a model of the timing of merger waves based on the investment opportunityı synergy (lOS) hypothesis. The model reveals some important weaknesses on the presumedı implications of IOS and suggests that changes in the institutional framework may be responsibleı for the long-term changes in merger activity. The analysis of FTC "Large Firm" Merger andı Acquisitions time series gives additional support to these conclusions.

Keywords: Merger; waves; Investment; opportunity; synergy; hypothesis (search for similar items in EconPapers)
Date: 1994-07
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Persistent link: https://EconPapers.repec.org/RePEc:cte:wbrepe:7073

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