Waves and determinants in mergers and acquisitions: The case of Latin America

Lina M. Cortés, Diego A. Agudelo, Samuel Mongrut

Research output: Contribution to journalArticle in a journalpeer-review

11 Scopus citations


This article contributes to the current literature on mergers and acquisitions (M&As) by identifying the existence of waves and the determinants of M&A activity in the economies of Argentina, Brazil, Chile, Colombia, Mexico, and Peru. From a sample of 2,391 M&A announcements reported by Thomson One on these countries, applying the methodology proposed by Harford (2005), evidence of M&A waves is found for the periods 1995–2002 and 2003–2010, as reported for other regions in various international studies. After controlling for economic and business environment variables, as well as for profitability and book-to-market variables at the industry level, we find evidence that supports neoclassical theory as a main explanation for M&A activity but not for the misvaluation effect.
Original languageEnglish
Pages (from-to)1667-1690
Number of pages24
JournalEmerging Markets Finance and Trade
Issue number7
StatePublished - 27 Jul 2017


  • Latin American economics
  • M&A waves
  • Business environment
  • Macroeconomic environment
  • Mergers and acquisitions


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