Imitation of first-mover firms in opting for a merger or acquisition (M&A) facilitates merger-wave formation. Empirical evidence suggests that, under uncertainty of outcomes, firms regret more not following their rivals’ strategy than possibly failing jointly by copying it. We explore the...

Imitation of first-mover firms in opting for a merger or acquisition (M&A) facilitates merger-wave formation. Empirical evidence suggests that, under uncertainty of outcomes, firms regret more not following their rivals’ strategy than possibly failing jointly by copying it. We explore the...