Bouwman, Christa H. S.; Fuller, Kathleen; Nain, Amrita S. - In: Review of Financial Studies 22 (2009) 2, pp. 633-679
Existing research shows that significantly more acquisitions occur when stock markets are booming than when markets are depressed. Rhodes-Kropf and Viswanathan (2004) hypothesize that firm-specific and market-wide valuations lead to an excess of mergers, and these will be value destroying. This...