Mergers and acquisitions (M&A) occur in brief bursts or ‘waves' of activity. These waves are known value-creation opportunities, but their occurrence is a mystery to scholars and managers alike. The existing literature on M&A waves is fragmented, incomplete, and lacking in an overarching...

If uncertainty in the core business drives diversification, then diversification should occur more often when the target industry has low uncertainty. Adopting an industry-dyad view of diversification, we investigate whether uncertainty spread, the difference in uncertainty levels between...

Merger and acquisition (M&A) waves can be value-creation opportunities, yet their occurrence remains a mystery to scholars and practitioners alike. The extant literature on M&A waves is mostly from psychology, economics and sociology. A study of The Great Merger Wave of 1898-1903 shows how...