Mergers and Acquisitions - The standing of theory in the quest for better institutions and policy

Research output: Working paperResearch

Abstract

The paper shows that the standing of theory in the field of mergers and acquisitions is weak for at least three reasons. Research is best described as a battlefield of ad hoc theory testing leaving behind a fragmented field. Research has focused traditionally on high intensity markets under the Anglo-Saxon variant of capitalism. Empirical evaluation is prone to be inexact and suffers among other from significant aggregation problems between the micro (firm performance) and macro level (economic growth). The deficiencies in the standing of theory will be reflected in weak institutions to handle the political processes concerning value, liquidity, efficiency and fairness aspects that affect the market for corporate assets within and across different variants of capitalism.
Original languageEnglish
PublisherSSRN
Pages1-36
Number of pages36
DOIs
Publication statusPublished - 1 Apr 2010
Externally publishedYes
SeriesCASE Network Studies and Analysis
Number401

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