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Waves and Determinants in Mergers and Acquisitions: The Case of Latin America
Authors:Lina M Cortés  Diego A Agudelo  Samuel Mongrut
Institution:1. Department of Finance, School of Economics and Finance, Universidad EAFIT, Medellin, Colombia;2. Graduate School of Business, ITESM, Queretaro, Mexico;3. Research Center (CIUP), Universidad del Pacifico, Lima, Peru
Abstract:This article contributes to the current literature on mergers and acquisitions (M&As) by identifying the existence of waves and the determinants of M&A activity in the economies of Argentina, Brazil, Chile, Colombia, Mexico, and Peru. From a sample of 2,391 M&A announcements reported by Thomson One on these countries, applying the methodology proposed by Harford (2005), evidence of M&A waves is found for the periods 1995–2002 and 2003–2010, as reported for other regions in various international studies. After controlling for economic and business environment variables, as well as for profitability and book-to-market variables at the industry level, we find evidence that supports neoclassical theory as a main explanation for M&A activity but not for the misvaluation effect.
Keywords:business environment  Latin American economics  M&  A waves  macroeconomic environment  mergers and acquisitions
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