and other influences by examining merger patterns for both listed and unlisted firms. If "real" changes in the economy … drive merger waves, as some neoclassical theories of mergers predict, both listed and unlisted firms should experience waves …. We find significant differences between listed and unlisted firms as predicted by behavioral theories of merger waves. …

and other influences by examining merger patterns for both listed and unlisted firms. If "real" changes in the economy … drive merger waves, as some neoclassical theories of mergers predict, both listed and unlisted firms should experience waves …. We find significant differences between listed and unlisted firms as predicted by behavioral theories of merger waves …

increases in share prices and price/earnings ratios. We test four hypotheses that have been advanced to explain merger waves … assume that managers maximize profits, mergers create wealth, and the capital market is efficient. The last two, behavioral …