The triggers and clustering properties of merger waves

Florian Szücs

Applied Economics, 2016, vol. 48, issue 56, 5485-5496

Abstract: This article studies the triggers and the agglomeration of mergers and acquisitions (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.

Date: 2016
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DOI: 10.1080/00036846.2016.1178849

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