Research Paper On Merger And Acquisition

Research Paper On Merger And Acquisition-40
The database is, unfortunately, not available through WRDS.

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Includes a discussion of issues related to using CRSP and COMPUSTAT databases for M&A research.

Mergers and acquisitions (M&A) have been the subject of an extensive literature in financial economics.

Given the growing number of recent publications in this literature, active research focusing on mergers and acquisitions is likely to continue in the future.

The guide is organized as follows: Section II briefly reviews several research areas related to M&A.

al., 2003), market valuation (Rhodes-Kropf and Viswanathan, 2003), and frequency of acquisitions (Fuller, Netter and Stegemoller, 2002).

Most of these studies measure the effect by the market reaction during the announcement period.

Researchers frequently use this item to exclude transactions that are not within the scope of their study.

Companies in the database are identified by CUSIP and/or Ticker, which provide the link to other financial databases such as CRSP or COMPUSTAT.

Andrade, Mitchell, and Stafford (2001) summarize the pre-1990 literature succinctly as follows:..the issue of why mergers occur, research success has been more limited.

Economic theory has provided many possible reasons for why mergers might occur: efficiency-related reasons that often involve economics of scale or other 'synergies'; attempts to create market power, perhaps by forming monopolies or oligopolies; market discipline, as in the case of the removal of incompetent target management; self-serving attempts by acquirer management to 'over-expand' and other agency costs; and to take advantage of opportunities for diversification, like by exploiting internal capital markets and managing risk for undiversified managers.

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