shocks drive industry-level clustering of merger activity and “who buys whom?” In the telecom industry, deregulation opened …, and not to increased misvaluation. The economic shocks from deregulation and technological change drive merger activity by … misvaluation. I find evidence systematically relating telecom firms' performance and merger characteristics; pre-1996 deregulation …

market environment. Two previous approvals for the merger of the satellite radio services, XM and Sirius, and Comcast …

This paper is an event study analysis of alternative theories on the motives behind the cluster of merger following the … passage of the Telecommunications Act of 1996. The evidence that mergers after telecommunications deregulation generate … merger challenged by the FCC on collusion concerns. I find strong support for anticipation and signaling of potential …