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

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

Producción científica: Contribución a una revistaArtículo de revista revisión exhaustiva

3 Citas (Scopus)


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.
Idioma originalInglés
Páginas (desde-hasta)1667-1690
Número de páginas24
PublicaciónEmerging Markets Finance and Trade
EstadoPublicada - 27 jul. 2017

Palabras clave

  • Latin American economics
  • M&A waves
  • business environment
  • macroeconomic environment
  • mergers and acquisitions


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