{"id":"https://openalex.org/W2011044716","doi":"https://doi.org/10.1002/mde.1103","title":"The causes of mergers: tests based on the gains to acquiring firms' shareholders and the size of premia","display_name":"The causes of mergers: tests based on the gains to acquiring firms' shareholders and the size of premia","publication_year":2003,"publication_date":"2003-05-15","ids":{"openalex":"https://openalex.org/W2011044716","doi":"https://doi.org/10.1002/mde.1103","mag":"2011044716"},"language":"en","primary_location":{"id":"doi:10.1002/mde.1103","doi":"https://doi.org/10.1002/mde.1103","is_oa":false,"landing_page_url":"https://doi.org/10.1002/mde.1103","pdf_url":null,"source":{"id":"https://openalex.org/S138400101","display_name":"Managerial and Decision Economics","issn_l":"0143-6570","issn":["0143-6570","1099-1468"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-b","anvur-scientific","cwts-core","fnege-3","jufo-1","norway-1","poland-70","russia-white-list-3","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Managerial and Decision Economics","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5058478092","display_name":"Dennis C. Mueller","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I129774422","display_name":"University of Vienna","ror":"https://ror.org/03prydq77","country_code":"AT","type":"education","lineage":["https://openalex.org/I129774422"]}],"countries":["AT"],"is_corresponding":true,"raw_author_name":"Dennis C. Mueller","raw_affiliation_strings":["Department of Economics, University of Vienna, BWZ-Bruenner Strasse 72, A-1210 Vienna, Austria"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Economics, University of Vienna, BWZ-Bruenner Strasse 72, A-1210 Vienna, Austria","institution_ids":["https://openalex.org/I129774422"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5001995790","display_name":"Mark L. Sirower","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I4401726965","display_name":"Boston Consulting Group (United States)","ror":"https://ror.org/01526xe10","country_code":"US","type":"company","lineage":["https://openalex.org/I4401726965"]},{"id":"https://openalex.org/I57206974","display_name":"New York University","ror":"https://ror.org/0190ak572","country_code":"US","type":"education","lineage":["https://openalex.org/I57206974"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Mark L. Sirower","raw_affiliation_strings":["Boston Consulting Group, 135 E. 57th St., New York, NY 10022, USA, and New York University"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Boston Consulting Group, 135 E. 57th St., New York, NY 10022, USA, and New York University","institution_ids":["https://openalex.org/I4401726965","https://openalex.org/I57206974"]}]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":3,"corresponding_author_ids":["https://openalex.org/A5058478092"],"corresponding_institution_ids":["https://openalex.org/I129774422"],"apc_list":{"value":3120,"currency":"USD","value_usd":3120},"apc_paid":null,"fwci":3.6823,"has_fulltext":false,"cited_by_count":93,"citation_normalized_percentile":{"value":0.95105957,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":93,"max":99},"biblio":{"volume":"24","issue":"5","first_page":"373","last_page":"391"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9990000128746033,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9990000128746033,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11043","display_name":"Merger and Competition Analysis","score":0.00039999998989515007,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.00019999999494757503,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/mergers","display_name":"mergers","score":0.843999981880188},{"id":"https://openalex.org/keywords/merger-premiums","display_name":"merger premiums","score":0.48399999737739563},{"id":"https://openalex.org/keywords/market-for-corporate-control","display_name":"market for corporate control","score":0.800000011920929},{"id":"https://openalex.org/keywords/managerial-discretion","display_name":"managerial discretion","score":0.7829999923706055},{"id":"https://openalex.org/keywords/hubris-hypothesis","display_name":"hubris hypothesis","score":0.9890000224113464},{"id":"https://openalex.org/keywords/acquiring-firms","display_name":"acquiring firms","score":0.5540000200271606},{"id":"https://openalex.org/keywords/acquired-firms","display_name":"acquired firms","score":0.7300000190734863},{"id":"https://openalex.org/keywords/merger-efficiency","display_name":"merger efficiency","score":0.41600000858306885},{"id":"https://openalex.org/keywords/event-study","display_name":"event study","score":0.41999998688697815}],"concepts":[{"id":"https://openalex.org/C99802516","wikidata":"https://www.wikidata.org/wiki/Q735766","display_name":"Hubris","level":2,"score":0.9108794927597046},{"id":"https://openalex.org/C120757647","wikidata":"https://www.wikidata.org/wiki/Q381136","display_name":"Shareholder","level":3,"score":0.8123420476913452},{"id":"https://openalex.org/C120577422","wikidata":"https://www.wikidata.org/wiki/Q843558","display_name":"Alternative hypothesis","level":3,"score":0.6229246854782104},{"id":"https://openalex.org/C12958728","wikidata":"https://www.wikidata.org/wiki/Q1002530","display_name":"Event study","level":3,"score":0.616741955280304},{"id":"https://openalex.org/C548217281","wikidata":"https://www.wikidata.org/wiki/Q731112","display_name":"Mergers and acquisitions","level":2,"score":0.5925167202949524},{"id":"https://openalex.org/C2776662940","wikidata":"https://www.wikidata.org/wiki/Q6770802","display_name":"Market for corporate control","level":4,"score":0.5844636559486389},{"id":"https://openalex.org/C2776291640","wikidata":"https://www.wikidata.org/wiki/Q2912517","display_name":"Value (mathematics)","level":2,"score":0.535905659198761},{"id":"https://openalex.org/C2777632292","wikidata":"https://www.wikidata.org/wiki/Q315515","display_name":"Discretion","level":2,"score":0.5259642601013184},{"id":"https://openalex.org/C136221606","wikidata":"https://www.wikidata.org/wiki/Q25245116","display_name":"Tender offer","level":4,"score":0.508806049823761},{"id":"https://openalex.org/C29368100","wikidata":"https://www.wikidata.org/wiki/Q724931","display_name":"Efficient-market hypothesis","level":4,"score":0.5048280358314514},{"id":"https://openalex.org/C2775924081","wikidata":"https://www.wikidata.org/wiki/Q55608371","display_name":"Control (management)","level":2,"score":0.4915409982204437},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.4868828356266022},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.4465397298336029},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.44044506549835205},{"id":"https://openalex.org/C39389867","wikidata":"https://www.wikidata.org/wiki/Q380767","display_name":"Corporate governance","level":2,"score":0.3642019033432007},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.3617550730705261},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.3530728816986084},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.2690282464027405},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.18178477883338928},{"id":"https://openalex.org/C191988596","wikidata":"https://www.wikidata.org/wiki/Q628374","display_name":"Null hypothesis","level":2,"score":0.15168067812919617},{"id":"https://openalex.org/C187736073","wikidata":"https://www.wikidata.org/wiki/Q2920921","display_name":"Management","level":1,"score":0.07612380385398865},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.0},{"id":"https://openalex.org/C2780299701","wikidata":"https://www.wikidata.org/wiki/Q475000","display_name":"Stock market","level":3,"score":0.0},{"id":"https://openalex.org/C151730666","wikidata":"https://www.wikidata.org/wiki/Q7205","display_name":"Paleontology","level":1,"score":0.0},{"id":"https://openalex.org/C95457728","wikidata":"https://www.wikidata.org/wiki/Q309","display_name":"History","level":0,"score":0.0},{"id":"https://openalex.org/C2780762169","wikidata":"https://www.wikidata.org/wiki/Q5905368","display_name":"Horse","level":2,"score":0.0},{"id":"https://openalex.org/C119857082","wikidata":"https://www.wikidata.org/wiki/Q2539","display_name":"Machine learning","level":1,"score":0.0},{"id":"https://openalex.org/C2779343474","wikidata":"https://www.wikidata.org/wiki/Q3109175","display_name":"Context (archaeology)","level":2,"score":0.0},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0},{"id":"https://openalex.org/C74916050","wikidata":"https://www.wikidata.org/wiki/Q841090","display_name":"Classics","level":1,"score":0.0},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.0}],"mesh":[],"locations_count":3,"locations":[{"id":"doi:10.1002/mde.1103","doi":"https://doi.org/10.1002/mde.1103","is_oa":false,"landing_page_url":"https://doi.org/10.1002/mde.1103","pdf_url":null,"source":{"id":"https://openalex.org/S138400101","display_name":"Managerial and Decision Economics","issn_l":"0143-6570","issn":["0143-6570","1099-1468"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-b","anvur-scientific","cwts-core","fnege-3","jufo-1","norway-1","poland-70","russia-white-list-3","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Managerial and Decision Economics","raw_type":"journal-article"},{"id":"pmh:hdl:10068/383644","doi":null,"is_oa":false,"landing_page_url":"http://hdl.handle.net/10068/383644","pdf_url":null,"source":{"id":"https://openalex.org/S4377196900","display_name":"OpenGrey (Institut de l'Information Scientifique et Technique)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1295345811","host_organization_name":"Institut de l'Information Scientifique et Technique","host_organization_lineage":["https://openalex.org/I1295345811"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"R - Report"},{"id":"pmh:oai:RePEc:wly:mgtdec:v:24:y:2003:i:5:p:373-391","doi":null,"is_oa":false,"landing_page_url":"http://hdl.handle.net/10.1002/mde.1103","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"}],"best_oa_location":null,"sustainable_development_goals":[],"sustainable_development_goals_aurora":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":59,"referenced_works":["https://openalex.org/W1496617903","https://openalex.org/W1511488712","https://openalex.org/W1531758582","https://openalex.org/W1551895083","https://openalex.org/W1564053583","https://openalex.org/W1572726921","https://openalex.org/W1594226207","https://openalex.org/W1648416368","https://openalex.org/W1762094397","https://openalex.org/W1968175152","https://openalex.org/W1972305728","https://openalex.org/W1975140694","https://openalex.org/W1977307460","https://openalex.org/W1979752826","https://openalex.org/W1980060145","https://openalex.org/W1982281995","https://openalex.org/W1986997748","https://openalex.org/W1991087735","https://openalex.org/W1991552238","https://openalex.org/W1994079216","https://openalex.org/W2015353363","https://openalex.org/W2017713899","https://openalex.org/W2018364173","https://openalex.org/W2022983130","https://openalex.org/W2029463058","https://openalex.org/W2041909722","https://openalex.org/W2068518527","https://openalex.org/W2071511656","https://openalex.org/W2072892869","https://openalex.org/W2073173439","https://openalex.org/W2081295692","https://openalex.org/W2087582955","https://openalex.org/W2095265705","https://openalex.org/W2108767715","https://openalex.org/W2108818539","https://openalex.org/W2112980279","https://openalex.org/W2114779376","https://openalex.org/W2119344659","https://openalex.org/W2119465278","https://openalex.org/W2126806822","https://openalex.org/W2135043423","https://openalex.org/W2154718048","https://openalex.org/W2160860931","https://openalex.org/W2161758181","https://openalex.org/W2162713579","https://openalex.org/W2168670072","https://openalex.org/W2332498513","https://openalex.org/W2519388419","https://openalex.org/W2747531703","https://openalex.org/W2768335310","https://openalex.org/W2781053070","https://openalex.org/W3021203231","https://openalex.org/W3121131820","https://openalex.org/W3121250421","https://openalex.org/W3121608236","https://openalex.org/W3143069875","https://openalex.org/W4244048416","https://openalex.org/W4251201909","https://openalex.org/W4299332008"],"related_works":["https://openalex.org/W224283565","https://openalex.org/W592548288","https://openalex.org/W1987423931","https://openalex.org/W7067822352","https://openalex.org/W7058282045","https://openalex.org/W1559754539","https://openalex.org/W6996886568","https://openalex.org/W7098190227","https://openalex.org/W2084067017","https://openalex.org/W1557055481"],"abstract_inverted_index":{"Abstract":[0],"Despite":[1],"the":[2,22,25,36,40,65,96,103,123,127,131,137,161,173,183,194],"large":[3,150],"number":[4],"of":[5,8,24,98,106,192],"event":[6,33],"studies":[7,34],"mergers":[9,20,55,78,120,148,186],"that":[10,54,59,84,94,185,190],"have":[11],"been":[12],"undertaken,":[13],"considerable":[14],"disagreement":[15],"still":[16],"exists":[17],"over":[18],"whether":[19],"increase":[21,56,79],"value":[23],"merging":[26],"firms,":[27,107],"and":[28,42,47,100,108,135,164,167,189,196],"if":[29],"so":[30],"why.":[31],"Most":[32],"measure":[35],"average":[37],"returns":[38],"to":[39,69,111,114],"acquired":[41,197],"acquiring":[43,195],"companies'":[44],"shareholders":[45,191],"separately,":[46],"based":[48],"on":[49,68],"these":[50,202],"averages":[51],"conclude":[52],"either":[53,72],"wealth,":[57],"or":[58,81,177],"they":[60,86],"reduce":[61],"it.":[62],"From":[63],"this":[64],"authors":[66],"go":[67],"claim":[70],"support":[71,157,169,179],"for":[73,82,146,160,172,182],"a":[74,92],"hypothesis":[75,184],"about":[76,118],"how":[77],"efficiency,":[80],"one":[83,112],"claims":[85],"do":[87],"not.":[88],"This":[89],"paper":[90],"develops":[91],"methodology":[93],"uses":[95],"distribution":[97],"gains":[99,200],"losses":[101],"across":[102],"two":[104],"samples":[105],"their":[109],"relationship":[110],"another":[113],"test":[115],"four":[116],"hypotheses":[117,141],"why":[119],"occur:":[121],"(1)":[122],"market\u2010for\u2010corporate\u2010control":[124,174],"hypothesis,":[125,129,134],"(2)":[126],"synergy":[128],"(3)":[130],"managerial":[132,162],"discretion":[133,163],"(4)":[136],"hubris":[138,165],"hypothesis.":[139,175],"The":[140],"are":[142],"tested":[143],"with":[144],"data":[145],"168":[147],"between":[149],"companies":[151],"from":[152,201],"1978":[153],"through":[154],"1990.":[155],"Considerable":[156],"is":[158,170,180],"found":[159,171,181],"hypotheses,":[166],"some":[168],"Little":[176],"no":[178],"create":[187],"synergies":[188],"both":[193],"firms":[198],"share":[199],"synergies.":[203],"Copyright":[204],"\u00a9":[205],"2003":[206],"John":[207],"Wiley":[208],"&":[209],"Sons,":[210],"Ltd.":[211]},"counts_by_year":[{"year":2026,"cited_by_count":1},{"year":2025,"cited_by_count":3},{"year":2024,"cited_by_count":4},{"year":2023,"cited_by_count":9},{"year":2022,"cited_by_count":4},{"year":2021,"cited_by_count":4},{"year":2020,"cited_by_count":2},{"year":2019,"cited_by_count":3},{"year":2018,"cited_by_count":5},{"year":2017,"cited_by_count":2},{"year":2016,"cited_by_count":6},{"year":2015,"cited_by_count":6},{"year":2014,"cited_by_count":9},{"year":2013,"cited_by_count":3},{"year":2012,"cited_by_count":6}],"updated_date":"2026-10-30T12:39:25.321706","created_date":"2016-06-24T00:00:00"}
