We investigate the effect of labor unionization on industry-level takeover activity after negative economy-wide shocks …. Focusing on the 2008 financial crisis, we find that merger intensities drop significantly during the post-crisis period, though …

This study seeks to understand “how” economic shocks drive industry merger activity. I test whether economic shocks … from deregulation and technological change drive industry merger activity by increasing industry competition, controlling … for the effect of valuations. I find that these shocks drive merger activity through three channels related to industry …