The Dynamics within Merger Waves

Inhaltsverzeichnis (Table of Contents)

• Introduction
• Background and objective
• Organization of the dissertation
• Literature review
• Motives of M&A transactions
• Aggregate and industry-specific merger waves
• The success of M&A transactions
• The determinants of the transaction success
• Intra-industry effects of mergers and acquisitions
• Summary
• Abnormal returns within merger waves
• Data
• Abnormal returns to bidders and rivals within merger waves
• Summary
• The robustness of the wave effect
• Bidding firm and deal characteristics in merger waves
• The robustness of the wave effect to bidding firms
• The robustness of the wave effect to rivals
• Summary
• The explanation for the returns within merger waves
• Transaction motives at different stages of merger waves
• The competitive advantage theory and the wave effect
• Other merger-related theories and the wave effect
• Summary

Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)

This dissertation investigates the relationship between industry-specific merger waves and shareholder wealth effects. The study analyzes the dynamics of mergers and acquisitions (M&A) activity within industries, focusing on how the changing competitive environment during merger waves influences the financial outcomes for participating firms.

• The impact of industry merger waves on shareholder returns
• The determinants of transaction success during merger waves
• The role of competitive advantage theory in explaining the wave effect
• The relationship between intra-industry effects and shareholder wealth effects
• The significance of target characteristics in shaping M&A outcomes

Zusammenfassung der Kapitel (Chapter Summaries)

The dissertation begins by providing a comprehensive literature review of the motives behind M&A transactions, the dynamics of aggregate and industry-specific merger waves, and the success of M&A transactions. It examines various theories, such as the competitive advantage theory, and explores the relationship between intra-industry effects and shareholder wealth effects.

The study then delves into an empirical analysis of abnormal returns within merger waves, focusing on the returns to bidding firms and rivals. Chapter 3 examines the data and methodologies used to analyze the returns, while Chapter 4 assesses the robustness of the findings.

Finally, the dissertation explores potential explanations for the observed returns within merger waves. It investigates the transaction motives at different stages of the merger wave and examines how various theories, including the competitive advantage theory, can shed light on the wave effect.

Schlüsselwörter (Keywords)

This dissertation focuses on the dynamics of industry merger waves, shareholder wealth effects, competitive advantage theory, intra-industry effects, and the success of M&A transactions. The study utilizes empirical analysis and theoretical frameworks to understand the complex relationship between these factors.