GORTON, GARY; KAHL, MATTHIAS; ROSEN, RICHARD J. - In: Journal of Finance 64 (2009) 3, pp. 1291-1344
We propose a theory of mergers that combines managerial merger motives with an industry-level regime shift that may lead to value-increasing merger opportunities. Anticipation of these merger opportunities can lead to defensive acquisitions, where managers acquire other firms to avoid losing...