The Missing Links of Mergers & Acquisitions Waves

The research in the Mergers and Acquisitions (M&A) field has been prolific in recent years. This is unsurprising, as M&A have been increasingly relevant in the scope of corporate growth and restructuring, as proved by the magnitude of the latest M&A global wave. Nevertheless, despite the large contribution from literature, some relevant issues remain to be explained by economic and finance research. Although much is known about the pattern of the M&A activity, the fact that M&A tend to occur in waves continues to puzzle researchers worldwide. This paper examines the M&A wave’s phenomenon and discusses the need for a theoretical framework that may shed light on the determinants of its complex occurrence. Accordingly, this paper studies the evolution of M&A over time, focusing on its pattern of activity, and also covering different methodologies used in M&A activity research. This paper also considers the M&A abandonment issue. A substantial number of announced M&A deals is never completed, often resulting in significant loss of resources for economic agents. Like the waves issue, the topic of the abandonment in M&A activity raises questions that are yet to be addressed, thereby offering interesting prospects for further research, as both theory and evidence are missing in literature