Suchergebnisse

AbstractThis study investigates the relationship between macro‐economic factors and the time pattern of the degree of merger activity in the U.S. economy. The results of the study imply that whether mergers are motivated by operating or financial synergy, they are closely related to macro‐economic factors. The findings also indicate that this relationship is stronger for pure conglomerate than for non‐conglomerate mergers, and that while the impact of the interest rate on "cash" mergers is positive, for "securities" mergers the impact is negative.