Title
DRIVERS OF AUSTRALIAN MERGER WAVES: INDUSTRY SHOCKS, MISVALUATION AND CAPITAL LIQUIDITY,Used
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The purpose of this thesis is to test the extended industry shock hypothesis, which accounts for a macroeconomic capital liquidity element, in determining the drivers of merger waves. Various theories have been extended by the literature and these are broadly classified under the neoclassical theory of merger waves and the behavioural theory of merger waves. Behavioural theories have explained merger waves by taking into account the psychology of stock markets and the occurrence of merger waves during a stock market boom. The industry shock hypothesis (a neoclassical theory) however, argues that merger waves are due to the clustering of industry shocks that affect an industry?s operating environment. Along with this shock, the misvaluation caused by a stock market boom increases asset values, thereby lowering transaction costs and hence increasing capital liquidity in the economy. This capital liquidity factor causes merger waves to cluster even if industry shocks do not.
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