Business cycles and acquisition policy: Analysis of M&A deals of metallurgical companies

  title={Business cycles and acquisition policy: Analysis of M&A deals of metallurgical companies},
  author={Maxim Fomin},
Business and management literature pointed out on the existence of business cycles and on the importance of conducting countercyclical mergers and acquisition policy. However, according to the merger wave theory in practice acquisitions are likely to be procyclical because of real and behavioral factors. The majority of empirical papers finds positive link between M&A activity and state of the cycle, suggesting that acquisitions are procyclical. This paper tests whether M&A deals of… CONTINUE READING

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