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New Evidence and Perspectives on Mergers
Open accessAbstract
As in previous decades, merger activity clusters by industry during the 1990s. One particular kind of industry shock, deregulation, becomes a dominant factor, accountings for nearly half of the merger activity since the late 1980s. In contrast to the 1980s, mergers in the 1990s are mostly stock swaps, and hostile takeovers virtually disappear. Over our 1973 to 1998 sample period, the announcement-period stock market response to mergers is positive for the combined merging parties, suggesting that mergers create value on behalf of shareholders. Consistent with that, we find evidence of improved operating performance following mergers, relative to industry peers.
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Cites
Common risk factors in the returns on stocks and bonds
Fama, E. F., & French, K. R. (1993) · Journal of Financial Economics · doi:10.1016/0304-405x(93)90023-5 · Cited by 25,754
Efficient capital markets: A review of theory and empirical work
Fama, E. F. (1970) · The Journal of Finance · doi:10.2307/2325486 · Cited by 13,635
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MALMENDIER, U., & TATE, G. (2008) · Journal of Financial Economics · doi:10.1016/j.jfineco.2007.07.002 · Cited by 2,754
Corporate Governance and Acquirer Returns
MASULIS, R. W., WANG, C., & XIE, F. (2007) · The Journal of Finance · doi:10.1111/j.1540-6261.2007.01259.x · Cited by 1,772
Do analysts matter for governance? Evidence from natural experiments
Chen, T., Harford, J., & Lin, C. (2015) · Journal of Financial Economics · doi:10.1016/j.jfineco.2014.10.002 · Cited by 747
Cunningham, C., Ederer, F., & Ma, S. (2021) · Journal of Political Economy · doi:10.1086/712506 · Cited by 452
Delistings and the costs of governance: a study of European stock exchanges 1996–2004
Thomsen, S., & Vinten, F. (2014) · Journal of Management & Governance · doi:10.1007/s10997-013-9256-7 · Cited by 40
Metadata
- Authors
- Andrade, G., Mitchell, M., & Stafford, E.
- Venue
- Journal of Economic Perspectives
- Publisher
- American Economic Association
- Published
- 2001-05-01
- Volume
- 15
- Issue
- 2
- Pages
- 103-120
- ISSN
- 0895-3309 (ISSN-L)
- OpenAlex
- W3123914693
- Cited by
- 2,798
- References
- 2
- FWCI
- 223.76
- Type
- journal article
- Language
- en
- Open access
- bronze
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
