What drives merger waves

By Jarrad Harford. 2005

1,568 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/e8ef858b87df462f865c1a645854de8dc03be74a

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Citations in the corpus

Customer Concentration and Loan Contract Terms (2017, neutral): “Economic and technological shocks to an industry, for example, can lead to merger waves (Harford (2005)).”
Failure and success in mergers and acquisitions (2019, neutral): “Harford (2005) argues in favour of expanding the traditional operating 6 Earnings-based measures may be subject to earnings manipulation before a bid is made to increase the target’s attractiveness, but also post-deal performance may be affected: target management is often replaced after the firm…”
Implications of Data Screens on Merger and Acquisition Analysis: A Large Sample Study of Mergers and Acquisitions from 1992 to 2009 (2011, background): “, Mitchell and Mulherin 1996 ; Andrade, Mitchell, and Stafford 2001 ; Harford 2005). These researchers present evidence that exogenous events, especially regulatory or technology shocks, cause actors in the firms’ nexus of contracts to reassess the boundaries of the firms and that restructuring occu”
Going Public to Acquire? The Acquisition Motive in IPOs (2010, positive): “We identify periods of an industry merger wave following Harford (2005), who defines an industry as experiencing an M&A wave if the number of acquisitions over two years exceeds the 95th percentile of the simulated probability distribution based on ten years of M&A activity.”
Post-Merger Restructuring and the Boundaries of the Firm (2011, result): “They are also consistent with the literature on merger waves (Andrade, Mitchell, and Stafford, 2001; Maksimovic and Phillips, 2001; Harford, 2005).”
The Effect of Cultural Similarity on Mergers and Acquisitions: Evidence from Corporate Social Responsibility (2018, neutral): “33Our use of the 1% level of vertical relatedness to define the type of integration follows Fan and Goyal (2006), Garfinkel and Hankins (2011), Ahern and Harford (2014), and Lin, Officer, and Shen (2018).”
Riding the Merger Wave: Uncertainty, Reduced Monitoring, and Bad Acquisitions (2013, positive): “In Panel A, merger waves are defined based on Harford (2005).”
Innovation Activities and Integration through Vertical Acquisitions (2019, background): “…are based on production processes and not the products and services offered 8See Maksimovic and Phillips (2001), Jovanovic and Rousseau (2002), and Harford (2005) for neoclassical and q theories and Morck, Shleifer, and Vishny (1990) for an agency motivation for acquisitions, and Phillips and…”
Does policy uncertainty affect mergers and acquisitions? (2017, positive): “While a well-established literature shows that economic and regulatory shocks contribute to merger waves, (e.g., Mitchell and Mulherin, 1996; Harford, 2005), we purport that uncertainty surrounding shocks—specifically shocks related to taxes, government spending, and monetary and regulatory policy—d”
A century of corporate takeovers: What have we learned and where do we stand? (2008, methodology): “Consistent with this prediction, Harford (2003, 2005) reports that takeovers occurring at a later stage of the takeover wave trigger lower abnormal returns than those at the beginning of the wave.”
The Role of Risk Management in Mergers and Merger Waves (2011, positive): “Mitchell and Mulherin (1996), Harford (2005), and Ovtchinnikov (2010) attribute waves to economic shocks.”
The effect of reference point prices on mergers and acquisitions (2012, background): “Harford (2005). The first regression in Table 9 shows that the market 52-week high is a negative predictor of quarterly merger activity, consistent with the most basic prediction.”
To what extent does corporate liquidity affect M&A decisions, method of payment and performance? Evidence from China (2017, methodology): “(1992), Harford (1999) and Linn and Switzer (2001), we use the return on assets (ROA) and cash flow (CF) to measure bidders' operating performance. According to Barber and Lyon (1996), in order to assess operating performance of corporations following major events or decisions, it is important to de”
Corporate Social Responsibility and Stakeholder Value Maximization: Evidence from Mergers (2013, neutral): “For example, high CSR firms are clustered in specific industries that are systematically different from industries in which low CSR firms are clustered, and thus our results may simply reflect industry effects (Mitchell and Mulherin, 1996; Harford, 2005).”
Acquisitions and CEO Power: Evidence from French Networks (2009, methodology): “Finally, we include dummy variables to control for acquisitions due to economic and technological shocks (Mitchell and Mulherin, 1996; Harford, 2005).”