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Excerpt from Cause and Effect of Recent Mergers
Over the period 1980 1986, the volume of reported merger activity has increased at an average annual rate of percent, from billion to billion. This change reflects in part an increase in the average size of reported mergersl, from million in 1980 to million in 1986. These figures indicate that large corporations are increasingly becoming targets of acquisition. The increase in merger activity is supported by two developments. On one level, major innovations in the capital market facilitate the assembly of large sums of money necessary ikur large acquisitions; cu) another, antitrust policy under the Reagan Administration is more tolerant of such acquisi tions. The sheer volume of this phenomenon coupled with the publicity surrounding the largest merger transactions have drawn public attention resulting in congressional hearings and a call for government intervention. The response of the academic community adds up to a significant increase in the number of studies, most of which rely on pre-1980 data, focusing on the description of this phenomenon rather than its explanation [2, 3, 4, 5, 9, 10, 15, 18, 19, 20, 21, 24, 26, 46, 53, 58, AS a consequence, financial theorists are still uncertain about the causes behind the current wave of mergers [26.
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