Industry Concentration, Firm Size and Entry-Timing in Merger Waves

• DOI: 10.21315/aamjaf2023.19.2.9
• Publication Date: 2023-12-08T02:14:03Z
• Authors: Lin Lin; Ngou Teng Pun; ; Zhongda He
• Keywords: First-mover advantage

As early mover advantage and late have been discussed for decades, the conditions best use of them are yet unclear. Using U.S. merger data during 2000–2019, this study examines entry-timing post-merger performance 1,376 bidders in waves recognised. We find that movers advantages with higher a wave, while effect is not significant. Moreover, can only be implemented competitive industries. Our analysis further provides strategies large firms small/mid enterprises, respectively. results indicate adopted companies, should followers, or movers, high concentration Overall, our sheds new light on wave consideration different market environment firm size.