کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5069135 | 1373036 | 2006 | 22 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
The long-term impact of mergers and the emergence of a merger wave in pre-World-War I Germany
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موضوعات مرتبط
علوم انسانی و اجتماعی
علوم انسانی و هنر
تاریخ
پیش نمایش صفحه اول مقاله
چکیده انگلیسی
Using annual data on mergers for 35 leading German companies from 1870 to 1913, my study tries to explain the first merger wave that emerged 1898. My panel probit model that accounted for economies of scale, macroeconomic conditions, success of former mergers, and market structure revealed that previous mergers made subsequent mergers more likely. The propensity to merge was higher for larger companies that increased their market power. In the banking industry, managers imitated mergers, although these mergers were not successful, and hence followed the minimax regret principle. Rational information-based herding caused the serial dependency of mergers in other industries.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Explorations in Economic History - Volume 43, Issue 4, October 2006, Pages 667-688
Journal: Explorations in Economic History - Volume 43, Issue 4, October 2006, Pages 667-688
نویسندگان
Gerhard Kling,