Review of the Literature on Merger Waves

Abstract

Over the past few decades, the rapid growth of mergers and acquisitions (M&As) has received interest from academics and practitioners. While M&As continue to be the subject of thorough investigation from a corporate governance standpoint, comparatively less effort has been made to organize and link empirical findings with neoclassical economic theories. Herein, we explore monumental studies from several strands of M&A literature, emphasizing the motives and outcomes of horizontal M&As in the US market.